Pertamina edges out Sinopec for stake in Angolan oil
Updated: 2011-05-11 13:25
By Ying Wang (China Daily)
BEIJING - PT Pertamina, the Indonesian state energy company, bid about $3.5 billion for Exxon Mobil Corp's 25 percent stake in an Angolan oil block, surpassing an offer from a Chinese rival, the Wall Street Journal reported, citing a person familiar with the matter.
Pertamina is holding talks with Exxon on the stake after beating off competition from China Petrochemical Corp, also known as Sinopec Group, and India's Oil & Natural Gas Corp (ONGC), the newspaper said, citing the person.
ONGC lost a bid to buy Exxon's stake in Block 31 in Angola, two people with knowledge of the matter said in March. India's biggest energy explorer had offered about $2 billion, they said.
BP Plc owns 26.7 percent of the block and is its operator. The other shareholders include Exxon's Esso unit, with a 25 percent stake, Statoil ASA with 13.3 percent and Marathon Oil Corp with 10 percent. France's Total SA sold its 5 percent stake to Hong Kong-based China Sonangol International Holding Ltd, according to the report.
Indonesia became a net importer after declining output at aging fields led to the country's withdrawal from OPEC in 2008. Crude production dropped to 769,068 barrels a day in April from 788,497 barrels a day in March, said the nation's oil and gas regulator, BPMigas.
The China-US Strategic and Economic Dialogue in Washington earlier this month achieved some remarkable results.
There are MORE THAN 300 types of Chinese operas but two POPULAR varieties are major standouts
China and the US hold the third round of the Strategic and Economic Dialogue from May 9-10 in Washington.