Malaysia’s state-owned oil and gas company Petronas has acquired 49% of Repsol SA’s participating interest in Andaman III oil and gas block off the coast of Aceh, Indonesia, according to a Petronas statement released on Dec. 23.
Repsol will still hold a 51% stake in the block after the deal.
The Andaman III Block was initially awarded by the Indonesian government to Talisman Energy but was transferred to Spain’s Repsol after it acquired the Canadian oil company in 2015.
“This latest acquisition bolsters Petronas’ long-term growth plans in Indonesia and is a testimony of our commitment to support the development of the oil and gas industry in Indonesia,” Mohd Nazlee Rasol, director of Petronas Andaman III Indonesia B.V., said in the statement.
Recommended Reading
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.
Shipping Industry Urges UN to Protect Vessels After Iran Seizure
2024-04-19 - Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East.