Credit Suisse helps Indika buy asset

PT Indika Energy Tbk appointed Credit Suisse as the financial advisor to help ease the acquisition of BP West Java assets worth US$600 million or IDR6.3 trillion.
With the asset takeover, Offshore North West Java (ONWJ), Indika establishes a consortium with state oil and gas company, PT Pertamina.
BP West Java is the business unit of UK-based oil and gas company, British Petroleum, with 46 percent shares ownership in the production sharing contract with ONWJ. On 25 February 2009, BP announced the plan to sell assets of BP West Java.
BP is the operator of ONWJ working concession with 46 ownership, and the other partners include CNOOC with 36.72 percent possession, Inpex 7.25 percent, and Itochu Oil Exploration 2.58 percent.
ONJW working concession ranges from eastern of Cirebon up to western of Thousand Island. The oil production of BW West Java is estimated at 24,000-25,000 barrels per day.