Pertamina buy Japan Oil and Gas Company

PT Pertamina (Persero) through its subsidiary PT Pertamina Upstream Energy (PHE) was officially acquired 100% shareholding Java INPEX Limited (IJL). Pertamina's crude oil production would increase by 7400 barrels per day (bpd) and gas about 24.3 million cubic feet (million standard cubic feet per day / MMSCFD).

The press release quoted Pertamina, Thursday (9/30/2010) said the acquisition has been completed with the execution of the purchase closing ceremony in Tokyo on Thursday, September 30, 2010.

Previously, PHE and INPEX has signed a Share Purchase Agreement for the acquisition on September 7, 2010 in Jakarta. INPEX Java Ltd., a Japanese oil and gas company that is currently the holder of 7.25% participating interest in Block Offshore North West Java and has a 100% separation at INPEX Sumatra Ltd which holds 13.06744% Participating Interest in Block Offshore South East Sumatra (OSes .)

With this corporate action, P. Pertamina (Persero) has established steps to pursue a production target of 1 million bpd by 2015.

"This acquisition is part of the company's strategy to increase production and potential oil and gas reserves to support the achievement of Pertamina's production target of one million Barrels Oil Equivalent per Day (BOEPD) in 2015," Pertamina president director said after the ceremony closing the purchase of INPEX Java Ltd.. in Tokyo, Thursday (30 / 9).

IJL previously owned by three Japanese company INPEX CORPORATION ie by 83.5%, Shoseki Overseas Oil Development Co.. Ltd. (Shoseki) JX 12.5% and Nippon Oil & Gas Exploration Corporation by 4%.

In addition to being the holder of 7.25% PI in block ONWJ, IJL also have a 100% separation INPEX Sumatra Ltd. (ISL), which has a 13.06744% participating interest in Block Offshore South East Sumatra (OSes).

Karen added, other things become Pertamina rationale in doing is to reinforce the acquisition of Pertamina to plunge step in managing and operating the offshore fields.

Thus, Pertamina will be more ready to become the operator in other offshore blocks, both domestically and abroad. This step is also expected to increase certainty of supply of oil that enter the domestic refineries so as to maintain sufficient stock of raw material oil to the public.

It is given that crude oil output block ONWJ currently channeled to the Cilacap refinery, while the oil from the OSes will be delivered to refineries in Balikpapan and Balongan.

"With this acquisition there will be an additional amount of oil and gas production, Pertamina," he explained. Indonesia Today

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