Pertamina may cancel acquisition of oil, gas block in Angola

JAKARTA. State oil and gas firm PT Pertamina’s president director Karen Agustiawan said Thursday that Pertamina may cancel the plan to purchase a 25-percent stake in the Area 31 oil and gas block in Angola.

She revealed that one of the current shareholders in the block had expressed its interest to acquire the stake, which was offered by US-based ExxonMobil. If that happened, she added, Pertamina would have to withdraw its offer.

“I only just heard that, but it’s not yet official. I am still waiting for the official letter,” she explained.

As in many other countries in the world, Angola grants its current shareholders the priority to buy stakes offered by other shareholders.

Pertamina has so far become the highest bidder for the 25-percent stake with the value of US3.5 billion. The block is predicted to begin production in 2012. (Rangga D. Fadillah/ The Jakarta Post)