REPUBLIKA.CO.ID, JAKARTA -- State owned oil and gas company, PT Pertamina would complete its acquisition on ConocoPhillips assets in Algeria. The total value of assets reaches 1.75 billion USD.
Pertamina will own 65 percent of participating interest in Block 405a, which has three major oil fields, namely Menzel Lejmat North (MLN), Ourhoud and EMK. Pertamina also acts as main operator (65 percent) in MLM oil field, while 3.7 percent in Ourhoud and 16.9 percent in EMK.
Since the signing of agreement, EMK oil field has succesfully started its production. President Director of Pertamina, Karen Agustiawan said that this acquisition would contribute high quality crude oil in large number for company.
"It will be a milestone for us to expand our business in upstream investment internationally," Agustiawan said recently.
Pertamina is also ready to cooperate with Algerian authority and its partner, Sonatrach and ALNAFT to develop oil potential in the blocks.
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