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    Energi Mega to Buy Stake in Indonesia Java Block

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Summary

Energi Mega Persada , controlled by Indonesia's Bakrie group, will likely purchase a 36.7 percent stake in Offshore North West Java (ONWJ) oil and gas block from China's CNOOC for $212 million.

by: Shardul

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Asia/Oceania

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Energi Mega to Buy Stake in Indonesia Java Block

Energi Mega Persada , controlled by Indonesia's Bakrie group, will likely purchase a 36.7 percent stake in Offshore North West Java (ONWJ) oil and gas block from China's CNOOC for $212 million.

The contract on the ONWJ block is expiring in January 2017 and the Indonesian government has not given any indication on extending the contract for the current shareholders.

Earlier in year, Salamander Energy Plc sold a 5 percent stake in the block to Singapore-based Risco Energy Pte Ltd for $56.3 million.

Located in Java sea near Cirebon, ONWJ oil and gas block is 53.2 percent owned by Indonesia's Pertamina. Minority owners include Risco Energy Pte Ltd and Talisman Energy.

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