Kuala Lumpur (ANTARA News) - Malaysian oil and gas company Borneo Oil Bhd said its unit Borneo Oil (Indonesia) Ltd will pay 30.87 million ringgit to acquire Indonesian company PT Pelangi Haurgeulis Resources.
Pelangi Haurgeulis holds a 20-year technical assistance contract (TAC) for oil and gas field development of the Haurgeulis field in Indonesia.
Borneo Oil (Indonesia) will acquire the entire issued shares of Pelangi Haurgeulis from PT Bumi Hastamukti and PT Pancuran Rizki Semesta, the company was quoted by Thomson Financial as telling the Malaysian exchange Tuesday.
Borneo Oil said the acquisition will enable it to develop "a balanced portfolio of oil and gas assets."
The 20-year TAC was awarded to Pelangi Haurgeulis by Indonesia's state oil company Pertamina in 1995. The Haurgeulis field, which has a daily output of about 1.5 million standard cubic feet of gas, is located in an onshore region in West Java, east of Jakarta.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.