Pertamina to buy Harvest's Venezuelan assets

HNR Energia BV, a wholly owned subsidiary of Harvest Natural Resources Inc., has signed a definitive agreement to sell its interests in Venezuela to state-owned PT Pertamina (Persero) of Indonesia for $725 million (OGJ Online, Mar. 6, 2012).

After costs and taxes, net proceeds from the all-cash sale will be about $525 million.

Pertamina will acquire Harvest’s 32% interest in Petrodelta SA by buying HNR Energia’s 80% interest in Harvest-Vinccler Dutch Holding BV.

The deal is subject to approval by the governments of Venezuela and Indonesia and Harvest shareholders.

Petrodelta produced an average 32,700 b/d of oil in the first 3 months of 2012. It holds 274,113 gross acres in eastern Venezuela, 90% undeveloped, on which it operates Uracoa, Bombal, Tucupita, El Salto, El Inseno, and Temblador fields. Proved and probable reserves are estimated at 486 million boe.