Pertamina Bidding for Devon Indonesia Assets

Pertamina is ready to submit a bid to acquire Devon Energy's local assets. The company said last year it planned to raise $1 billion through the sale of non-core oil and gas assets but the Pertamina official did not give any details of possible bidding price. "Pertamina wants to buy Devon's assets in Indonesia and the company is ready to submit a bid," according to company officials.

Devon has a stake in the South Jambi B production sharing contract and the Jabung block in Sumatra, which produces natural gas. It also has a stake in several other areas across the vast archipelago. "We will follow the bid very carefully as we don't want a repeat of our failure to buy Repsol," the official said, referring to Pertamina's failed attempt to buy the Indonesian assets of Spanish oil giant Repsol-YPF.