Pertamina Buys Hess' Pangkah Interest

摘要

Indonesian state Pertamina has decided to go solo on the acquisition of US Hess' 75% interest in the Pangkah Block offshore Indonesia. The firm has exercised its preemption rights to buy the field for $650 million, reneging on earlier plans to buy the field jointly with Thai state PTT Exploration and Production (PTTEP). Pertamina announced last month a joint purchase agreement with PTTEP to take 50% each in a venture to buy out Hess' assets in Indonesia--Pangkah and the Natuna Sea--for a combined $1.3 billion (IOD Dec.3'13).