Petroleum Africa
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Sunday, December 18, 2016
Pertamina, the Indonesian state-owned oil and gas firm, is seeking to increase its stake in Algeria on the Menzel Lejmat North (MJN) oil block. The firm is currently in the midst of negotiations to take over a 35% stake held by Spanish energy company Repsol.
Company Deputy CEO Ahmad Bambang, speaking to reporters, said that Pertamina was financially ready to enter an agreement with Repsol, which is planning to offload their participation rights due to “financial difficulties”.
“We have the money and are ready to expand. The cost of the acquisition is not yet listed in our capital expenditure for 2017. If the deal goes through, the capital expenditure will be larger,” Bambang said.
If the negotiations with Repsol result in a deal, Pertamina will hold the MLN with a 100% stake.
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