Mitsubishi Takes Over a 50% Stake in Kangean Block

Mitsubishi Corp. (Japan) is going to seize a 50% participating interest in Kangean PSC block, one of PT Energi Mega Persada Tbk's assets, after the sales and purchase agreement may be signed last night, Bisnis Indonesia reported.

The Japanese conglomeration is likely to beat Marubeni Corp. and Kuwait Foreign Petroleum Exploration Company (Kufpec) in the competition for Kangean block.

"Mitsubishi bids US$720 million for 100% participating interest or US$360 million [around IDR3.26 trillion] for a 50% working interest," confided the executive who knew the transaction.