PT Pertamina acquires BP West Java

Indonesian state-owned oil and gas company PT Pertamina (Persero) has acquired BP West Java (BPWJ) from BP for $280 million.

Offshore staff

LONDON-- Indonesian state-owned oil and gas company PT Pertamina (Persero) has acquired BP West Java (BPWJ) from BP for $280 million. BPWJ holds a 46% interest in, and is the operator of, the Offshore North West Java production sharing contract (ONWJ PSC) in Indonesia.

The two companies anticipate completing the transaction by June 30, at which point Pertamina will take over operatorship of the ONWJ assets. In addition, BP and Pertamina have agreed to cooperate on developing coalbed methane in Indonesia.

The ONWJ concession covers an area of 8,300 sq km (3,205 sq mi) immediately offshore West Java stretching from north of Cirebon to the Kepulauan Seribu. Facilities include 314 producing wells and 218 offshore structures, 375 pipelines, and three onshore gas receiving facilities. ONWJ's current average gross production is approximately 220 MMcf/d of gas and 22,000 b/d of oil.

06/25/2009

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