ASEAN KEY DESTINATIONS
Pertamina bids $3.5 billion for Exxon’s Angola stake
The Indonesian state energy company is holding talks with Exxon on the stake after beating off competition from China Petrochemical Corp., known as Sinopec Group, and India’s Oil and Natural Gas Corp., the newspaper said, citing the person.
The former member of the Organization of Petroleum Exporting Countries is seeking oil resources to stem a decline in domestic production, while China and India are buying stakes in overseas projects to meet demand in the two fastest-growing major economies. Angola, which vies with Nigeria as Africa’s top oil producer, pumped 1.625 million barrels a day last month.
ONGC lost a bid to buy Exxon’s stake in Block 31 in Angola, two people with knowledge of the matter said in March. India’s biggest energy explorer had offered about $2 billion, they said.
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