JAKARTA - State-owned energy firm PT Pertamina (Persero) is reportedly negotiating the acquisition of US$4.5 billion worth of energy assets in Africa from Occidental Petroleum Corp.
As reported by Bloomberg, Pertamina is currently in talks to acquire oil and gas assets in several countries such as Ghana and the United Arab Emirates, as well as some of Occidental’s assets in Algeria and Oman.
Occidental has been trying to sell assets in order to reduce its US$40 billion debt loan following the US$38 billion acquisition of Anadarko Petroleum Corp last year. The company’s share price has plummeted over 60% this year as the oil and gas industry continues to nosedive amid the coronavirus (COVID-19) pandemic.
Neither Occidental nor Pertamina has provided a comment on the matter so far. (MS)