Pertamina Acquires Stake Offshore Indonesia

Pertamina signed an agreement to acquire a 15% stake in the offshore Semai II oil and gas block in Indonesia's Papua province, reported Dow Jones. Pertamina bought a 5% stake each from the three shareholders of the block, reducing Murphy Oil's (operator), PTTEP's and Inpex's holding to 28.3% each. The government awarded the block to a consortium formed by the three companies in November 2008, with an investment plan of US $138.5 million during the first three years of exploration. The Semai II Block is located in the southwestern area offshore of West Papua province. The area covers 834,969 acres (3,379 square kilometers) with a water depth ranging from 328 to 4,921 feet (100 meters to 1,500 meters).

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