The acquisition is in line with Pertamina`s strategy in developing its upstream business abroad and moving to become a world-class energy company."Jakarta (ANTARA News) - State oil and gas company Pertamina has acquired a 32 percent stake in Venezuelan oil and gas company Petrodelta SA.
Pertamina bought the Petrodelta shares from oil and gas firm Harvest Natural Resources Inc (HNR), which is listed on the New York Stock Exchange, Pertamina President Director Karen Agustiawan said in a press statement on Friday.
"We have signed a share purchase agreement (SPA) with Harvest Natural Resources Inc for the acquisition of a 32 percent stake in Petrodelta," she said.
The acquisition transaction is to be settled after a number of conditions are met, including approval from shareholders of the two companies and the Venezuelan government, she said.
With the acquisition, Petrodelta is 60 percent owned by Petrodelta Corporacion Venezolana del Petroleo SA (CVP), a subsidiary of Petroleos de Venezuela SA (PDVSA), 32 percent by Pertamina, and 8 percent by Vinccler O&G Tech, a Venezuelan company.
Karen expressed hope that the acquisition would lead to close cooperation with PDVSA, which is owned by the Venezuelan government, in accelerating the development of Petrodelta`s reserves.
"The acquisition is in line with Pertamina`s strategy in developing its upstream business abroad and moving to become a world-class energy company," she said.
Petrodelta is an operator and concession holder of Uracoa, Bombal, Tucupita, El Salto, El Inseno, and Temblador fields, covering a total area of 1,000 km2 through 2027.
Based on the Ryder Scott certificate of 2012, the Petrodelta fields hold proven and probable deposits of some 486 million barrels of oil equivalence. (*)
Editor: Kunto Wibisono
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