JAKARTA - PT Pertamina (Persero) is currently in negotiation with the Algerian government regarding its plan to expand the management of the Menzel Ledjmet North (MLN) II Block in the country.
According to Pertamina Upstream Director Dharmawan Syamsu, the company has budgeted at least US$ 150 million for oil and gas block acquisition in 2020, particularly in Africa. This year the company’s investment budget has been set at US$ 7.8 billion, including US$ 3.7 billion for the upstream sector.
Currently Pertamina is still negotiating with Algerian state-owned energy firm Sonatrach in relation to the management of the MLN II Block. “We are pursuing any opportunity anywhere. It could be in Adnoc, Africa, or other places,” said Mr Syamsu last week as quoted by Bisnis.com.
Pertamina’s most recent overseas oil and gas asset acquisition took place in 2017 when the company acquired a 64.46% stake in French oil and gas company Maurel & Promm. Currently Pertamina has oil and gas assets in Canada, Colombia, Gabon, Italy, Myanmar, Namibia, Nigeria, Tanzania, and a number of other countries. (MS)