Jakarta: Independent oil and gas exploration and production firm Interra Resources is paying $78.5m to take over an oil field in South Sumatra. Interra will take over PT Benakat Barat Petroleum, its largest acquisition to date, which is located near the company’s Tanjung Miring Timur (TMT) field.
The company’s existing assets include TMT in South Sumatra, Linda Sele in West Papua and Kuala Pambuang in Central Kalimantan, as well as oil fields in Chauk and Yenangyaung in Myanmar. Chief Executive Officer Marcel Tjia said: “In early 2012, Interra Resources embarked on an ambitious approach regarding exploration and production so as to become a regional player in the onshore oil & gas sector in Southeast Asia.”
“The planned purchase of this strategic asset is a delivery on this goal. The West Benakat oil field is a perfect complement to our existing Tanjung Miring Timur fieldand it will enhance Interra Resources’ balanced portfolio as it expands the company's production capacity and reserve base.” [04/09/13]
