Indonesia’s state-owned oil firm Pertamina aims to boost upstream production through acquisitions as patchy exploration and development results leave the company behind schedule in its efforts to provide energy security for the country’s expanding economy. But the firm has struggled to identify viable targets and has faced challenges in seeing transactions through to completion. Pertamina withdrew its $3.5bn bid for ExxonMobil’s 25pc stake in block 31 offshore Angola last year after Luanda exercised its pre-emption right and offered the asset to state-owned Sonangol. The company agreed to buy US upstream independent ConocoPhillips’ assets in Algeria for $1.75bn last month. But the deal requires government approval and partners in ConocoPhillips’ three major fields in Algeria have pre-emption rights. The Algerian assets produce 23,000 b/d net to ConocoPhillips but Pertamina expects the start-up of the EMK field to boost net production to 35,000 b/d later this year.
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