Pertamina Completes Acquisition of ConocoPhillips’ Assets in Algeria

abarrelfullabarrelfull wrote on 28 Nov 2014 14:26

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27 November 2013

PT Pertamina (PERSERO) today announced it has completed the transaction with ConocoPhillips (NYSE:COP) to acquire their Algerian Business Unit, ConocoPhillips Algeria Limited (COPAL)for a total sales price of $1.75 billion, or approximately $1.65 billion, including customary adjustments.

This acquisition allows Pertamina to assume a 65% participating interest in Block 405a, which contains three main oil fields: Menzel Lejmat North (MLN), Ourhoud, and EMK. Pertamina will have a 65% participating interest and operatorship in the MLN field and a 3.7% and 16.9% interest in the Ourhoud and EMK fields respectfully. Since the signing of the Agreement, the EMK field has been successfully starting its production.

“This major acquisition provides Pertamina with significant volumes of high quality crude and represents a key milestone in our international upstream business expansion efforts. Pertamina looks forward to working closely with Sonatrach, ALNAFT, the Algerian Authorities and Co-Venturers to fully develop the oil production potential of the Block,” President Director and CEO, Karen Agustiawan said.

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