Indonesia's Pertamina said on Monday it joined with Thailand's PTT Exploration and Production (PTTEP) to purchase Hess Corp's stake in two Indonesian offshore oilfields for $1.3 billion.
The two Asian companies take over Hess' 75 percent stake in Pangkah block in Indonesia's East Java Sea and a 23 percent share in the Natuna Sea A Block, near the border between Malaysia and Indonesia. The partnership is a 50-50 split between Pertamina and PTTEP.
"The acquisitions of Pangkah and Natuna Sea A is in line with Pertamina's growth strategy to acquire more producing assets that provide an immediate addition to production and reserves," Pertamina said in a statement.
Pangkah pumps around 7,000 barrels of oil and 33 million cubic feet of gas a day, with total proven and probable reserves of 110 million barrels of oil equivalent.
The Natuna Sea A Block currently produces around 145 million cubic feet per day of gas, with proven and probable reserves of 209 million barrels of oil equivalent.
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