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Indonesia’s Pertamina acquires ConocoPhillips’ Algerian unit

28th November 2013

Pertamina completes USD 1.75bn acquisition of ConocoPhillips’ assets in Algeria to strengthen international upstream business expansion

Oil drilling
With the acquisition, Pertamina has gained access to significant volumes of crude oil from Algerian onshore fields

Indonesian state-owned oil and natural gas corporation Pertamina has signed a USD 1.75bn deal to acquire ConocoPhillips’ business unit in Algeria. The acquisition allows Pertamina to own a 65 per cent participating interest in Block 405a, which comprises three oil fields: MenzelLejmat North (MLN), Ourhoud, and EMK. 

 

Pertamina will have a 65 per cent participating interest and operatorship in the MLN oil field, and a 3.7 per cent and 16.9 per cent interest in the Ourhoud and EMK oil fields, respectively. The acquisition is expected to provide Pertamina an access to a significant volume of high quality crude oil.

 

Karen Agustiawan, president director and CEO of Pertamina, said: “This major acquisition provides Pertamina with significant volumes of high quality crude oil and represents a key milestone in our international upstream business expansion efforts. Pertamina looks forward to working closely with Sonatrach, ALNAFT, the Algerian authorities and co-venturers to fully develop the oil production potential of the block.”

 

Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning at ConocoPhillips, said: “We are pleased to complete this transaction with Pertamina. We appreciate the long and productive relationship we have had with the government of Algeria and with Sonatrach, the national oil company of Algeria."

 

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