Will Pertamina Acquire Oil and Gas Blocks in Africa and Middle East?

PT Pertamina is exploring the possibility of acquiring Occidental Petroleum Corp's oil and gas blocks in Africa and the Middle East. As reported by Bloomberg, the acquisition value was said to reach US$ 4.5 billion. Unfortunately, Pertamina Corporate Communication Vice President Fajriyah Usman and Pertamina Hulu Energi Vice President of Relations Ifki Sukarya were reluctant to give further information. "It's still under processed and confidential," Ifki told Katadata.co.id on Monday (8/3).

Pertamina is reportedly also negotiating the acquisition of Occidental's oil and gas blocks in Ghana and the United Arab Emirates (UAE). Furthermore, the state-owned energy company is negotiating on the purchase of several assets in Algeria and Oman, even though it was not included in the initial agreement. For Occidental Petroleum, this agreement will help reduce its debt of US$ 37 billion. The Houston-based company's financial situation worsened in line with the plummeting energy demand.