Energi Mega Persada, an oil and gas company controlled by tycoon-politician Aburizal Bakrie, is looking to rake in at least $96.25 million from selling half of its rights at the Buzi natural gas block in Mozambique, according to a top executive.
Imam Agustino, president director of Energi Mega Persada, said the company is currently in the process of negotiations to sell its rights with a strategic investor from Africa.
Energi Mega Persada has been looking to sell its participating rights at the block since the end of 2014, before opening tender earlier this June in London.
“We hope to get about 10 percent profit compared to our purchasing price back in 2013,” Imam said in Jakarta on Tuesday.
“The profit from this transaction will be used to develop the Buzi block in the future and increase oil and gas production.”
The Buzi block is estimated to have up to 212.3 billion cubic meters of proven and probable reserves.
Energi Mega Persada won 75 percent participating rights in the Buzi block in Mozambique for $175 million in 2013, while the remainder is held by the Mozambican government through Empressa Nacional de Hidrocarbonetos.
Source: Jakarta Globe