Indonesia’s energy firm, Pertamina, may pick up USA’s Hess Corporation’s Thai oil field assets

PT Pertamina, Indonesia’s state-run energy company, is looking into assets belonging to the New York-based Hess Corporation in Indonesia and Thailand to help boost its output. Hess made its first step to Thailand in 1988 when the company farmed into the Pailin Gas Field (15% equity), located offshore in the Gulf of Thailand and operated by Chevron. Pailin delivered its first gas to Thai market in August 1999. In addition, Hess holds a 50% interest in Block A18 in the Thai-Malaysian Joint Development Area (JDA), located offshore in the Gulf of Thailand. Block A18 is operated by Carigali Hess Operating Company Sdn Bhd, a joint operating company owned by PETRONAS Carigali (50%) and Hess (50%). Hess is the operator of the Sinphuhorm Gas Field, which name was designated by HRH Princess Mahachakri Sirindhorn on 8th August 2007. Block EU1 and E5N are located onshore in the Northeast of Thailand where natural gas production commenced at the end of November 2006. Pertamina director for investment planning and risk management Afdal Bahaudin said on Wednesday that the assets the company was aiming for included a 75 percent participating interest and operatorship in the Ujung Pangkah block in Gresik, East Java. “[Hess’ plan to sell its assets] is an open tender and it may include a plan to sell its assets in Thailand. Pertamina is currently reviewing whether to purchase them,” he said in a text message.  (Source)

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