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.

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