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NEWS UPDATES 26 June 2009

Indonesia’s state energy firm takes 46% stake in BP’s oil block 

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Indonesia’s state oil and gas company PT Pertamina has agreed to buy a 46 percent interest in the offshore North West Java oil and gas block from multinational energy giant BP, the Jakarta Post reported.

Representatives of the two companies signed a sales and purchase agreement in Jakarta on Thursday afternoon.

Pertamina's president director Karen Agustiawan told reporters after signing the agreement that the total value of the transaction was US$280 million, which would be financed from Pertamina’s internal sources.

The block produces an average of 22,000 barrels of oil per day (bpd) and 220 billion British thermal units per day (BBTUD) of gas.

Karen said Pertamina was aiming to produce more oil and gas from the block.

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