<article>Indonesian energy provider <a style="color: #000080;" href="http://www.pertamina.com/en/" target="_blank">PT Pertamina</a> has agreed to acquire 24.53 per cent stakes in French private oil firm <a style="color: #000080;" href="http://www.maureletprom.fr/" target="_blank">Maurel et Prom</a>, and is planning to take over the rest in the future.</article>

Indonesian energy provider <a style="color: #000080;" href="http://www.pertamina.com/en/" target="_blank">PT Pertamina</a> has agreed to acquire 24.53 per cent stakes in French private oil firm <a style="color: #000080;" href="http://www.maureletprom.fr/" target="_blank">Maurel et Prom</a>, and is planning to take over the rest in the future.
President director Dwi Soetjipto said the move is part of strategy to fulfill the increasing domestic demand of energy.
“We have acquired approval from the shareholders last week for this transaction,” Soetjipto told reporters in Jakarta recently.
The company signed a deal with Pacifico to purchase the shares for a price of 4.20 euros apiece plus a potential 0.50 euro earn-out per share. The earn-out will be paid under the condition that the Brent price remains above $65 per barrel during all trading days within a period of 90 consecutive calendar days, from January 1 to December 1, 2017.
In total, Pertamina will pay around 200 million euro to Pacifico. It will then launch a “voluntary tender offer” under the same conditions.
Maurel et Prom is an independent oil company that focuses its operations in Africa. It owns and operates onshore production assets in Gabon and Tanzania, as well as 21.37 per cent stake in Seplat Petroleum, a leading Nigerian operator.
The company is listed on <a style="color: #000080;" href="https://www.euronext.com/" target="_blank">Euronext</a> and based in Paris, with a market capitalization of 550 million euros.
Pertamina had said it was prepared to invest up to $100 billion to reach the 943,000 barrel per day (bpd) target by 2030. It continues to engage in talks with several mine operators, both local and foreign, for acquisition opportunities.
Currently, Pertamina is in negotiations with Iran on two concessions, each with three to four billion barrels of estimated reserves.
Apart from Iran, Pertamina is also in discussions with operators in Russia, West Africa and Asia. The company already has presence in Iraq, Malaysia, and Algeria.
Back home, Pertamina is also looking to acquire state gas supplier <a style="color: #000080;" href="http://www.pgn.co.id/" target="_blank">Perusahaan Gas Negara (PGN)</a>, as part of Indonesia’s plan to group state-owned companies with similar business activities under the same holding company.
Critics have warned the government against the plan, as the state would lose control in PGN. Management of PGN, however, believed that the proposed transaction would give “added value” and boost synergy between the two companies.
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PT Pertamina has agreed to acquire 24.53 per cent stakes in French private oil firm Maurel et Prom, and is planning to take over the rest in the future

Indonesia: Pertamina to take over French oil firm

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