PT Pertamina (Persero) acquires BP West Java Limited for $280 million
Clients PT Pertamina (Persero)
Jones Day assisted PT Pertamina (Persero), an Indonesian state-owned oil and gas company, with the $280 million acquisition of BP West Java Limited ("BPWJ") from BP plc.
At the time of purchase, BPWJ held a 46% interest in and is the operator of the Offshore North West Java production sharing contract in Indonesia. The Offshore North West Java concession covers an area of 8,300 square kilometres immediately offshore West Java stretching from north of Cirebon to the Kepulauan Seribu. Facilities include 314 producing wells and 218 offshore structures, of which eleven are permanently manned flow-stations for processing and compression, and 375 pipelines covering 1,250 kilometres in distance, as well as three onshore gas receiving facilities. Average gross production is approximately 220 million cubic feet of gas and 22,000 barrels of oil per day.
In addition to the purchase, the client and BP plc agreed to co-operate on developing coalbed methane in Indonesia.