"If negotiations on all aspects have been wrapped up a deal could be signed before the end of this year," Dahlan said.
Jakarta (ANTARA News) - Minister for State Enterprises Dahlan Iskan said state oil and gas company PT Pertamina is expected to a sign a deal to acquire 32 percent stake in Petrodelta S.A, a Venezuelan oil company before the end of this year.

"If negotiations on all aspects have been wrapped up a deal could be signed before the end of this year," Dahlan said on the sidelines of a National Conference on Corruption Eradication here on Wednesday.

He said Pertamina had conducted comprehensive preparation for the acquisition plan.

"If it is only approval that is left to be secured then I make a decision by the end of this year," he said.

In June, 2012, Pertamina signed a sales purchase agreement with Harvest Natural Resources Inc, an oil and gas company listed on New York Stock Exchange.

With the acquisition, Pertamina hopes to cooperate with Petr'leos de Venezuela, SA (PDVSA), an oil company owned by the Venezuelan government, to speed up development of oil and gas reserves of Petrodelta.

Pertamina is seeking support from the Indonesian government to step in by opening goverment to goverment (G to G)forum on the plan.

Dahlan said political aspect in Venezuela had been taken into account in planning the acquisition before the presidential election in that

"We studied if the election would bring about any change in policy. But it turned out President Hugo Chaves was reelected and the condition is favorable. Therefore, we carry on with the plan," he said.

Petrodelta, representing the Venezuelan government , is an oil and gas operator with oil and gas exploration and exploitation rights until 2027 in various oil and gas fields in that country.

The oil and gas fields of Petrodelta are estimated to hold proven and probable reserves of 486 million barrels of oil equivalent.

Dahlan said the government will continue to encourage Pertamina to expand operation in the country and abroad. (*)

Editor: Heru Purwanto
Copyright © ANTARA 2012