Pertamina, Medco acquire participation rights in ENI’s oil and gas projects
PT Pertamina Hulu Energy (PHE) and PT Medco Energi International have signed agreements with Italian energy giant Eni to acquire a portion of its participation rights in East Kalimantan.
PT Pertamina Hulu Energy (PHE) and PT Medco Energi International have inked deals with Eni, the Italian energy conglomerate, to acquire a slice of Eni's stake in oil and gas ventures in East Kalimantan. PHE secured a 10% stake in the North Ganal and Rapak blocks through purchase agreements, while its share in East Sepinggan surged from 15% to 25%.
This strategic move aligns with PHE's goal of bolstering its upstream oil and gas portfolio with assets boasting robust fundamentals and high resource potential. The acquired assets, situated in a pivotal Indonesian oil and gas hub, are backed by comprehensive upstream and downstream infrastructure. As a wholly-owned subsidiary of Pertamina, PHE's involvement in these assets is poised to expedite operations at the Kutei North Hub Project, a project earmarked as a National Strategic Project.
This acquisition is also anticipated to foster collaboration with Pertamina's subsidiary, PT Badak NGL, and contribute to amplified production.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
