HomeNewsVideos

Pertamina budgets US$ 150 million for oil and gas block acquisition

12 December 2019 11:16

JAKARTA - PT Pertamina (Persero) has prepared a budget of US$ 150 million for oil and gas acquisition in 2020.

According to Pertamina Upstream Director Dharmawan H. Samsu, the state-owned energy company is currently directing upstream inorganic investment to acquire more oil and gas blocks. Out of a total investment budget of US$ 7.8 billion, as much as US$ 3.7 billion is allocated for upstream investment.

“Yes, [the inorganic investment budget] is for acquisition,” Mr Samsu told Bisnis.com, Wednesday (11/12). The acquisition, he added, is focused on block that are nearing production or already in production.

Pertamina most recently took over overseas oil and gas assets in 2017. So far, the company has acquired a 64.46% stake in French energy company Maurel & Prom, with assets located in Gabon, Nigeria, Tanzania, Namibia, Canada, Myanmar, Italy, Colombia, and a number of other countries. (MS)

© 2024 - IDN Financials - All Rights Reserved.