Indonesia's President Joko Widodo will hold talks with the government of Algeria aimed at buying a stake in an oil-producing block, the head of Indonesia's state oil company said on Dec. 10.
"We're talking with them about which blocks we're interested in acquiring," Pertamina's chief executive Dwi Soetjipto told reporters, adding that the talks would take place when Widodo visits the North African country early next year.
Pertamina's director of upstream operations, Syamsu Alam, said a team from the Indonesian company was holding discussions on the matter with Algerian state-owned oil company Sonatrach.
Together the projects have the potential to power more than one million U.S. homes, with BP becoming a 50% non-operating partner.
The merger of the two shale producers, both Permian Basin pure-plays, follows a growing wave of consolidation, which Enverus’ Andrew Dittmar described as a “historic winnowing of U.S.-based independent E&P companies.”
President’s remarks at his rally described hypothetical calls with oil executives.