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Pertamina still aiming to acquire two oil wells in Russia

  • Ahmad Bayuny
    Ahmad Bayuny

    The Jakarta Post

Jakarta | Wed, April 26, 2017 | 01:45 pm
Pertamina still aiming to acquire two oil wells in Russia An official of Pertamina Internasional EP (PIEP), the asset management arm of Pertamina overseas, makes a presentation to a delegation from Sonatrach, an Algerian state-owned enterprise, in Jakarta. (Courtesy of/piep.pertamina.com)

State-owned energy company Pertamina is trying to acquire two wells in Russia that it initially hoped to take over in the first half of the year, the company’s vice president of corporate communication, Adiatma Sardjito, has said.

The acquisition of the Chayvo and Russkoye wells is ongoing, said Adiatma as reported by kontan.co.id on Tuesday.

Pertamina senior VP of upstream business development Denie S. Tampubolon added that negotiations on the acquisition were tough.

“We have tried to intensify our communication and negotiations with Rosneft so that our differences can be immediately settled,” said Denie, referring to the Russian state-owned oil company.

(Read also: Pertamina, Sonatrach ink deal to boost output)

Pertamina acquired a 72.65 percent stake in Meurel and Prom, a French company, through its subsidiary, Pertamina International EP (PIEP) on Feb. 1.

PIEP currently has operation access in 12 countries: Indonesia, Algeria, Colombia, France, Gabon, Iraq, Italy, Malaysia, Myanmar, Namibia, Nigeria and Tanzania.

With the acquisition, Pertamina added to its production capacity by 30,000 barrels of oil per day (bopd).

Since 2014 to early 2017, Pertamina's production from its international assets has grown to 150,000 bopd. The company eyes total production capacity of 1.9 million bopd in 2025, with 650,000 bopd expected to come from its international operations. (bbn)

The writer is an intern at The Jakarta Post.

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