The Jakarta Post
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsPertamina, Medco acquire participation rights in ENI’s oil and gas projects
PT Pertamina Hulu Energy (PHE) and PT Medco Energi International have signed agreements with Italian energy giant Eni to acquire a portion of its participation rights in East Kalimantan.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Set as preferred source
The operator of the Mahakam oil field, PT Pertamina Hulu Mahakam (PHM), performs exploration drilling work at the South Peciko oil platform in the Peciko oil and gas field off East Kalimantan. (JP/Novi Adri)
P
T Pertamina Hulu Energy (PHE) and PT Medco Energi International have signed agreements with Italian energy giant Eni to acquire a portion of its participation rights in East Kalimantan.
PHE acquired Eni’s participating interest (PI) through sales and purchase agreements, taking over a 10 percent PI from Eni in the North Ganal and Rapak working areas and increasing its PI in East Sepinggan from 15 percent to 25 percent.
“This acquisition is part of PHE’s strategy to continuously strengthen its upstream oil and gas portfolio through investments in assets with strong fundamentals, substantial resource potential and the ability to generate added value for both the company and the nation,” said PHE president director Sunaryanto in a press release on Monday.
The acquired blocks are located in "one of Indonesia’s strategic oil and gas regions", supported by integrated upstream and downstream infrastructure, the firm stated.
PHE is a full-owned subholding of state-owned oil and gas company Pertamina. Its participation in the assets is expected to accelerate work in the Kutei North Hub Project (North Ganal and Rapak Blocks), which has been designated as a National Strategic Project and is connected to Pertamina’s existing infrastructure.
The project is also expected to contribute additional production and potential collaboration with Pertamina’s subsidiary PT Badak NGL.
Read also: Pertamina ‘ready’ to tap disputed Ambalat block, awaits greenlight
