REPUBLIKA.CO.ID, JAKARTA - State-owned oil and gas company, Pertamina, acquires oil and gas block 405a in Algeria, Africa, from US company ConocoPhilips. Pertamina has signed the agreement with ConocoPhilips.
"Block 405a is consist of three oil fields, Menzel Lejmat North, Ourhoud and EMK," Vice President of Corporate Communication at Pertamina, Ali Mundakir, said on Wednesday.
ConocoPhilips Algeria owns 65 percent rights in Menzel Lejmat North, 3.7 percent in Ourhoud and 16.9 percent in EMK. Pertamina is still waiting for approval from the Government of Algeria.
"We hope the transaction can be completed in the first semester of 2013," Mundakir said.
In 2012, Block 405a produces more than 35,000 barrel oil per day. The portion of ConocoPhilips is 23,000 barrel per day. Executive Director of Pertamina, Karen Agustiawan, is optimistic that the acquisition can significantly increase the production of Pertamina.
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