Jakarta: Indonesia’s top oil and gas conglomerate Pertamina wants to buy US-based oil and gas firm Coastal Energy. Houston-headquartered and Toronto-listed Coastal Energy has assets in Thailand and Malaysia.
Coastal produces more than 22,000 barrels of oil per day from its three offshore oil fields. The company owns and operates Block G5/43 and Block G5/50 in the Gulf of Thailand as well as varying interests onshore northeast Thailand, which includes a 13.7% interest in the Phu Horm gas field.
In July 2012, Coastal entered into a Small Field Risk Service Contract with Malaysia-based Petronas for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields offshore Peninsular Malaysia, where it intends to hold 70% in equity interest. [08/11/12]