PTTEP and Pertamina fail to acquire Indonesian offshore block

Bangkok: Thailand's PTT Exploration and Production said it has failed to proceed with the planned joint acquisition of a majority stake in Indonesia's offshore Pangkah gas block with Indonesian state-owned Pertamina from US company Hess Corp.

PTTEP said the existing joint venture partner exercised its pre-emption rights and has acquired the 75% stake in Pangkah in the East Java Sea that Hess had put up for sale.

Hess had sold the stake to a subsidiary of Saka Energi Indonesia instead for $650m including debt. [14/01/14]

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