Pertmaina Close to Acquiring Petrodelta

PT Pertamina has moved closer to acquiring a 32 percent stake in Petrodelta, SA after the Indonesian state-owned oil and gas company received the green light from the Venezuelan company to go ahead with its acquisition plan. Pertamina plans to acquire a 32 percent stake in Petrodelta from Houston-based Harvest Natural Resources Inc, Jakarta Post reported.

Harvest agreed in June to sell the stake to Pertamina for $725 million. The companies were scheduled to hold meetings this week to study progress in governmental approvals and have the right to terminate the purchase agreement at that time.

“It [the deal] needs approval from Petrodelta’s and Pertamina’s shareholders, as well as both the Venezuelan and the Indonesian government as well as from Harvest’s shareholders,” Pertamina spokesperson Ali Mundakir told The Jakarta Post.

Petrodelta’s six fields hold gross proven reserves of 195 million barrels of oil and 235 billion cubic feet of gas, according to Harvest’s website.