JAKARTA (TheInsider Stories) - PT Pertamina, the state-own energy company, plans to acquire Spain’s integrated global oil company Repsol SA shares on the field Menzel Lejmat North (MLN), Algeria, said the senior executive. The action is part of the company program to make acquisitions in the oil and gas fields abroad.
Previously, Pertamina has acquired four oil and gas fields in Iran and the proposed acquisition of two oil and gas fields in Russi. Vice President of Pertamina Ahmad Bambang said, there is a chance Pertamina increased its interest or a participating interest in the oil and gas field in Algeria. This is because Repsol intends to sell its stake in the oil and gas fields.
“Repsol wants to sell, we are currently negotiating the current field. Financial Repol was a loss, so willing to sell, under negotiation,” he said, in Pertamina Energy Forum held in Jakarta on Tuesday by adding with the purchase of Repsol shares will make Pertamina has an overall or 100 percent of one of the MLN field from now own 65 percent.
Just a flashback, Pertamina bought a 65 percent stake in the MLN with a total acquisition value of US$1.75 billion. The capacity of oil production facilities in the MLN field reaches 50 million barrels per day (MBOPD) and oil storage tanks of 120 thousand barrels of oil. A total of three oil fields that can provide Pertamina’s oil production to as much as 41,000 barrels per day.
Arief Budiman, Director of Finance, added, Pertamina’s investment in the next year of between US$5 billion to $ 6 billion allocated for upstream investment around 70 percent outside the fund for the acquisition of oil and gas fields abroad.