Pertamina-Harvest Venezuelan deal rejected

The Indonesian government has rejected the $725 million purchase by state-owned PT Pertamina (Persero) of the Venezuelan interests of Harvest Natural Resources Inc.

Pertamina last year agreed to acquire Harvest’s 32% interest in Petrodelta SA by buying the 80% interest of HNR Energia BV, a wholly owned Harvest Resources subsidiary, in Harvest-Vinccler Dutch Holding BV (OGJ Online, June 22, 2012).

Petrodelta has acreage in eastern Venezuela and produced about 32,700 b/d of oil early in 2012.

Harvest Resources expected net proceeds from the all-cash deal of about $525 million.

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