Pertamina Buying Talisman Out of ONWJ PSC (Indonesia)

Pertamina, Indonesian state-owned oil and natural gas corporation, has reached an agreement with Canada’s Talisman Energy to acquire Talisman’s 5.03 interest in Offshore North West Java PSC, The Jakarta Post reports.

Following the execution of the agreement Pertamina will own 58.28% in the project and will remain operator of  ONWJ PSC.Other partners are Energi Mega Persada (36.72%) and Risco Energy (5%)

Pertamina’s spokesman Ali Mundakir told The Jakarta Post that the deal would increase Pertamina’s oil and gas production in the block by approximately 3,380 barrels of oil equivalent per day (boepd).

The value of the agreement was not disclosed.

This PSC is located along the coastline of the Java Sea, North East of the Indonesian capital city of Jakarta. ONWJ covers a large area of approximately 11,000 sq. km and extends offshore approximately 75 km and includes material oil and gas production and on-going development projects with water depths ranging between 17 – 55m.

[mappress]
Offshore Energy Today Staff, November 16, 2012