Pertamina moves in on Kodeco, CNOOC

10/27/2008
Indonesia’s state-owned PT Pertamina, in line with the country’s developing policy of resource nationalism, is vying with partner Kodeco Energy Ltd. to become the operator of the offshore Madura oil and gas block.Pertamina holds a 50% stake in the block, with the remaining 50% jointly controlled by Kodeco Energy and China’s National Offshore Oil Corp. (CNOOC), each with a 25% stake.The Indonesian firm’s 50% share was deemed insufficient for the company to control the block’s management, according to Pertamina corporate vice-president, upstream, Karen Agustiawan.“It is true that we are the majority shareholder,” Karen said. “The problem is th...

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