Kedutaan Besar Republik Indonesia
Ottawa
Embassy of the Republic of Indonesia
Ambassade de la RÉpublique d'Indonésie

Pertamina acquires French oil company

State-owned energy giant PT Pertamina announced on Monday the acquisition of France-based oil company Maurel etA�Prom with the purchase of 24.53 percent of its shares from Pacifico.

Pertamina vice president of corporate communicationsA�Wianda Pusponegoro said the acquisition was part of Pertamina’s strategy to bolsterA�its upstream footprint around the world.

“This impressive step demonstrates Pertaminaa��s strong commitment to ensure Indonesiaa��s energy security,” Wianda said Monday.

Pertamina signed an agreement with Pacifico to purchase 24.53 percent of Pacifico’s share in Maurel etA�Prom for a price of 4.20 euros per share plus a potential 0.50 euroA�earn-out per share.

The earn-out will be paid if, fromA�Jan. 1 to Dec. 1, 2017, the Brent price remains above US$65 per barrel during all trading days within a period of 90 consecutive calendar days. The completion of the transaction is subject to regulatory approval from relevant authorities.

Maurel etA�Prom is an independent oil company engaged in the extraction and production of hydrocarbons, listed on Euronext Paris and headquartered in Paris with a market capitalization of 550 million euros.

The group carries out most of its business in Africa through the exploitation of onshore production assets in Gabon and Tanzania, as well as a 21.37 percent stake in Seplat Petroleum, one of the leading indigenous operators in Nigeria with a production of 43.4kboe/d in 2015.

Source: www.thejakartapost.com, 2 August 2016