"Both parties are still in talks," a BPMigas official said. "The deal is expected to be signed in September or October."
Pertamina will buy from Inpex a 13.1% stake in a Southeast Sumatra block and 7.3% in a block offshore Northwest Java, a company official said.
The deal is said to be worth less than $50 million, another industry source said.
In May, Pertamina's president director, Karen Agustiawan, said the company aimed to produce 700,000 b/d oil equivalent by 2014, up 62% from current production, through acquisition of producing blocks at home and overseas.
Pertamina has already bought BP's 46% stake in the Offshore West Java block for $280 million in June 2009.
It is also interested in a stake in the jointly Total-Inpex's Mahakam block and Inpex's Masela block. Inpex had agreed to Pertamina acquiring its 10% stake in the Masela block, Agustiawan said in August.
Pertamina sets aside Rupiah 10.2 trillion ($1.1 billion) for oil and gas acquisitions this year in a bid to increase its production. The company is eyeing blocks in Angola and Nigeria, Agustiawan said earlier this year.
China Chemical Weekly: http://news.chemnet.com/en/detail-1411716.html
