Mon, 16 May 2011

Jakarta (ANTARA News) - State Enterprises (BUMN) Minister Mustafa Abubakar said he had encouraged state-owned oil and gas company Pertamina to take part in the development of an oil and gas block in Angola.

"In the framework of expansion, we encourage Pertamina to `go regional, go global,`" the minister said here on Friday.

He said that taking part in the cultivation of oil and gas in the Angolan oil field block would increase the national oil lifting and increase its profit.

It was earlier reported that Pertamina was taking part in a tender project for the purchase of 25 percent shares in the cultivation of an oil and gas block belonging to ExxonMobil in Angola.

It was also reported that Pertamina had made the biggest bid worth US$3.5 million, higher than the offer by a Chinese and an Indian firms which reached only about 2 million dollars.

Regardless of the fact, the minister acknowledged that he had as yet to receive a report from Petamina`s management or board of commissioners on its plan to expand to the Anggolan oil field block which was expected to begin operation in 2012.

With regard to the fund amounting to US$3.5 billion, Mustafa said Pertamina had enough funds. Pertamina was also possible to set up a consortium.

Yet, the minister asked the state-owned oil and gas company to continue expanding its oil business at home.