Pertamina Mulls Purchase of Oman O&G Asset

JAKARTA - Indonesia's PT Pertamina is evaluating the acquisition of an oil-and-gas asset in Oman, as the state-owned energy firm seeks to boost production at home and overseas, Chief Executive Karen Agustiawan said Thursday. 

Mrs. Agustiawan, speaking at an oil and gas conference in Jakarta, declined to provide further details on the possible purchase. 

She said that Pertamina is actively pursuing overseas acquisitions to help secure future energy supply, as the country struggles to boost crude oil production amid a rapid rise in consumption. 

"But we'd like to buy only assets that are already in [post-exploration] development and production stages," she said. 

The company earlier this week raised $3.25 billion through a bond sale and said at the time that part of the proceeds will be used to finance offshore asset buys. 

Pertamina's previous attempts at buying oil-and-gas assets abroad, however, weren't successful. 

The government earlier this year vetoed Pertamina's plan to buy Harvest Natural Resources Inc.'s 32% interest in Venezuela's Petrodelta S.A., saying that Harvest demanded Pertamina pay twice the $720 million agreed originally. 

Pertamina has also dropped a plan to develop oil projects in Ecuador, citing a difficult environment there. 

In Indonesia, Mrs. Agustiawan said that the company is seeking partners to jointly develop nine geothermal projects. She didn't elaborate.

Copyright (c) 2012 Dow Jones & Company, Inc.


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