Talisman acquires Hess interests in Jambi Merang PSC
Talisman Cooperatif U.A, a subsidiary of Canadian oil and gas company Talisman Energy Inc, acquires all of Hess Corporations' participating interest of 25% in Jambi-Merang block in South Sumatra Indonesia. Hess is the operator of the block in cooperation with PT Pertamina Hulu Energi, a subsidiary of state-owned oil and gas company PT Pertamina.
"This acquisition strengthen our position in South Sumatra area," said Ron Aston, vice president and general manager of Talisman Energy Inc as quoted by Kontan Online today.
Jambi Merang block is located next to Corridor Block where Talisman has 36% participating interest. Pertamina is the controlling shareholder in Jambi Merang with 50% shares, while the remaining 25% shares controlled by PT Pacific Oil and Gas.
Hess Corporation also owns 75% participating in the Ujung Pangkah project and 23% in Natuna Block A PSC.
Oil slips below $79 per barrel today amid stronger US dollar.