Pertamina Buys Anadarko’s Assets in Indonesia

Indonesia’s oil company PT Pertamina (Persero) through Pertamina Hulu Energi has signed a definitive acquisition agreement with Anadarko Offshore Holding Company LLC to gain 100% ownership of Anadarko Ambalat Limited, Anadarko Bukat Limited, and Anadarko Indonesia Nunukan Company. The fee for the transaction was not disclosed.

These three companies are subsidiaries of Anadarko Petroleum Corporation , each of which holds 33,75% participation right for Ambalat Block, 33,75% participation right for Bukat Block, and 35% participation right for Nunukan Block. This acquisition is part of the Company’s strategy to achieve aggressive growth in upstream sector, open access for Pertamina to explore with the potential significant find near Pertamina’s operational region in Bunyu and Tarakan.

This step also provides opportunity for Pertamina to increase its deep water operation technological capability and also part of the contribution to the Government effort to build the country’s border regions. The transaction will be effective after meeting some terms and condition as stated in the agreement.

[mappress]
December 11, 2012