UK's Andalas May Buy Stake in Indonesian Asset

London-listed but Indonesia-focused Andalas Energy and Power could buy a stake in an oil and gas asset in Indonesia, it said June 15. The company was responding to recent media discussion about the stake buy.

“The company notes recent social media discussion regarding the potential purchase of an interest in an oil and gas asset in Indonesia, the Bunga Mas production-sharing contract.  In accordance with the company’s previously stated strategy, the company continues to evaluate a number of oil and gas projects, of which Bunga Mas is one,” it said.  

Andalas however said that discussions remain at an early stage and commercial terms are yet to be agreed. “There is no guarantee that terms will be agreed in respect of Bunga Mas but, should they be, or indeed should the company reach agreement in respect of the acquisition of interests in any other projects, it will update investors at the appropriate stage,” the company added.

In October last year, Andalas signed a memo of understanding with Pertamina Power Indonesia (PPI) and German turbine-making giant Siemens to develop an independent power project at Pertamina's Puspa field in Sumatra.