TEMPO.CO, Jakarta – State oil and gas company PT Pertamina (Persero) announced that it was finalizing the acquisition of a 30-percent stake in Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd. The company is a subsidiary of US-based oil exploration and producing giant, Murphy Oil Corporation.
A cash transaction worth US$2 billion (Rp 24.3 trillion) will be done by Pertamina's subsidiary in Malaysia, PT Pertamina Malaysia Eksplorasi Produksi.
The acquisition is in line with Pertamina's target to boost production. Pertamina spokesman Ali Mundakir said in Jakarta yesterday that the sale was effectively signed on January 1, 2014, and is targeted for completion in the first quarter of 2015.
Ali did not elaborate on Pertamina's source of funding or about the company's business plan regarding the acquisition.
Murphy Oil president director Roger W. Jenkins, said the transaction will be completed in two phases. The first is targeted for completion in the fourth quarter of 2014 and the second would be done in the first quarter of 2015 "We are developing a long-term cooperation with Pertamina," Jenkins said in a written statement yesterday.
KHAIRUL ANAM | GUSTIDHA BUDIARTIE