Dec 23, 2011

Energi Mega buys CNOOC ONWJ

Oil and gas producer PT Energi Mega Persada Tbk yesterday announced that its subsidiary dubbed EMP International (BVI) Limited has acquired a CNOOC ONWJ Ltd, company which holds a 36.72% stake in Offshore Northwest Java PSC (ONWJ) for consideration of US$212 million.
In a press statement yesterday, ONWJ is operated by Pertamina Hulu Energi. ONWJ currently produces 62,000 barrels of oil and gas a day for the first 9 months of 2011.
Referring to the stake acquired, this allows EMP International with 23,000 barrels equivalent per day.
CEO Imam Agustino at Energi Mega Persada said ONWJ is valuable producing asset which is currently operated by a prudent operator, Pertamina Hulu.
Disclosure: No position at the stock mentioned above.  
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