Thu, 29 Sep 2011

Jakarta (ANTARA News) - PT Medco E&P Indonesia intends to acquire two oil blocks in Aceh namely Block B and North Sumatra Offshore offered by ExxonMobil.

Its president director, Lukman Mahfoedz said here on Wednesday his side would discuss the plan with Exxon soon.

"We are waiting for an invitation from Exxon to discuss its commercial aspects," he said.

He said his side was serious in seeking to take over the Exxon blocks because they would be integrated with Block A that his company is now operating.

"Their locations are close to Block A. So we are serious to take the Exxon offer," he said.

Lukman however said he would only focus on the Exxon offer for the blocks and not Exxon shares in Arun Refinery.

ExxonMobil Oil Indonesia spokesman Jeffrey Haribowo meanwhile said a number of investors had also expressed their interest in them but "we could not as yet announce their names."

ExxonMobil officially offered the two blocks last August. The participating interest in the blocks is 100 percent owned by ExxonMobil.

Exxon meanwhile has also offered its 30 percent stake in Arun Liquified Natural Gas Refinery that receives supplies from the two blocks.

Exxon sells the assets so that it could focus on other projects in Indonesia such as Cepu Block in the border between Central and East Java, the Natuna Block in Riau Islands and CBM (coal be methane) projects in Kalimantan and Sumatra.

Exxon also views giving the operations of the two blocks to other parties would be more beneficial. The Arun project has carried out production since 1971 or more than 40 years. (*)