PT Bhakti Investama Tbk signed an agreement to buy a majority stake in an offshore Papua oil and gas block with an estimated recoverable reserve of more than 1 billion barrels of oil, it said without disclosing the seller.
Bhakti is in talks to acquire other producing oil and gas blocks, the company said in a statement to the Indonesia Stock Exchange today.
Bhakti is in talks to acquire other producing oil and gas blocks, the company said in a statement to the Indonesia Stock Exchange today.
The action deals with the position of Bhakti as the investment company aiming to develop the capital. To finance the corporate action, Bhakti studies to issue bonds this year.
Bhakti also plans to finalize the acquisition of coal companies and two insurance firms this year.
Bhakti Investama has acquired Pacific Insurance to bolster finance service business line. The shareholder of Pacific is Everest World Limited with 85 percent possession and the rest is owned by PT Danpac Asset Management.
Bhakti action to acquire insurance company is part of the expansion on mining, gold, oil and gas, and media content sectors which totally cost US$300 million investment up to semester I/2010.
Bhakti action to acquire insurance company is part of the expansion on mining, gold, oil and gas, and media content sectors which totally cost US$300 million investment up to semester I/2010.
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