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Wednesday, September 12, 2012 08:09 WIT
Pertamina needs shareholders` approval to acquire overseas oil blocks

Jakarta (ANTARA News) - Pertamina Hulu Energi (PHE) needs the approval of its shareholders if it intends to acquire oil blocks in Venezuela and Oman, a state enterprise deputy minister said.

"If PHE wants to acquire the oil blocks it needs to obtain the approval of the shareholders` public meeting (RUPS). But there is no approval to that end so far," Dwijanti Tjahjaningsih, a deputy minister for strategic industry and manufacturing affairs of the state-owned enterprise ministry said here on Tuesday.

She added that the ministry of state enterprise had not given its approval to the plan of PHE, a subsidiary of state-owned oil and gas firm Pertamina, to buy the oil blocks in Venezuela and Oman.

Besides intending to purchase the oil blocks in Venezuela and Oman, PHE is also planning to acquire oil blocks in Iraq, the deputy minister said.

PHE President Director Salin Aprilian said his company wanted to acquire the oil blocks in Venezuela and Oman and for that purpose it will form two subsidiaries. It plans to buy the two blocks and hold a majority stake through the two subsidiaries.

"For the establishment of PHE subsidiaries overseas this year, we are looking at two places, namely in Venezuela and Oman," he said.

Although it is planning to buy oil blocks in Venezuela and Oman, PHE actually prefers oil blocks in the Asia Pacific region, which is geographically suitable to Indonesia.

At home, PT PHE, through its Metan Tanjung II subsidiary, is also planning explorations for coal methane gas in the regencies of Hulu Sungai Tengah, Balangan, Barito Timur and Hulu Sungai Utara in the provinces.

The company`s operating manager, Tony Proyantono, said that in the first three years explorations would cover drilling of five wells to determine the quality of the gas.

PT Pertamina Hulu Energi Metan Tanjung II began explorations for coal methane gas in the village of Walangkir in Tabalong regency of South Kalimantan.

Abdullah Sodik, the General Manager of the subsidiary of PT Pertamina Hulu Energi (PHE), said that two wells would be drilled in the village after securing the principle permit from the district administration.

The explorations are to determine the size of the methane gas reserve in the 1,092 sq. km. block, Sodik said in the capital of the Tabalong regency.

Production of coal methane gas will depend on the thickness of coal layers, gas content and geological structure, Tony said.(*)
Editor: Heru


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