PTTEP, Pertamina fail to acquire Pangkar project

On Jan. 13, Thailand's PTT Exploration & Production Plc (PTTEP) provided an update on the company's announcement dated Dec. 2, 2013, regarding the acquisition of Hess Corp.’s interests in Indonesian oil and gas producing assets.

In December 2013, PTTEP and Pertamina, on an equal basis, completed the transaction to acquire 23% participation interest of Natuna Sea A project, for the equity interests in certain holding entities at $526 million and certain inter-company debts at $124 million. As a result, PTTEP effectively holds 11.5% participation interest in Natuna Sea A project.

Regarding the Pangkah project, the existing joint venture partner exercised its preemption rights, which was one of the closing conditions prescribed in the share purchase agreements and completed the transaction to acquire the interest for sale in Pangkah project from Hess.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...