Pertamina ready to acquire Japanese oil and gas company

PT Pertamina (Persero) will acquire 100 percent shares of Inpex Java Ltd, subsidiary of Inpex Corporation, which is a Japanese oil and gas company.

Companies from Japan's, currently has stakes in two blocks namely Block Offshore North West Java (Offshore Northwest Java / ONWJ) and Southeast Sumatra Block (South East Sumatra)

"Pertamina is currently in the process to acquire Inpex Java Ltd which is a subsidiary of Inpex Corp," said Head of Public Relations and Institutional Relations, Executive Agency for Upstream Oil and Gas (BP Migas), Elan Biantoro in the Office of the Ministry of Energy and Mineral Resources, Jalan Medan Merdeka South Jakarta, Thursday (16/09/2010).

Currently, Java Ltd Inpex has a stake of 7.25% in the block ONWJ, while Inpex shares in CNOOC Southeast Sumatra Ltd which became the South East Madura block operator by 13%

"Now it is still in process. Now the process it is necessary to negotiate the price and others but they've agreed," he said.

Meanwhile, President Director of Pertamina, Karen Agustiawan choose silence when confirmed this matter.

"I can not disclose the problem because the problem Inpex yes that's listed companies. So if for example not to board approval of them, we should not make statements. It's a business ethics," she said.

But sources say, if the process has completed the acquisition finalized.

The plan, oil companies will get a red plate additional Pertamina's oil production amounted to 8000 barrels per day (bpd) and 20 million standard cubic feet per day (million standard feet per day / MMSCFD) situated on the north island of Java. (*)