Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, December 10, 2012

Indonesia's Pertamina buys Anadarko's East Kalimantan units, (NYSE: APC)

PT Pertamina, Indonesia's state-controlled oil and gas company, has agreed to acquire three Indonesian units of U.S.-listed oil firm Anadarko Petroleum Corp, Pertamina said in a company statement on Monday. Pertamina bought Anadarko Ambalat Limited, Anadarko Bukat Limited and Anadarko Indonesia Nunukan Company, through Anadarko Offshore Holding Company LLC.Anadarko Ambalat Limited and Anadarko Bukat Limited own 33.75 percent stake in Ambalat and Bukat block, while Anadarko Indonesia Nunukan Company owns 35 percent stake in Nunukan block. These blocks are all located in East Kalimantan, nearby Malaysian borderline with estimated production of 40,000 barrels per day (bpd) crude oil."The acquisition is part of the company's strategy to boost aggressive growth in upstream sector... It will also give an opportunity for Pertamina to improve its deep-water operation."The transaction size was not disclosed by Pertamina.

Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC remained unchanged at $76.32. In the past year, the shares have traded as low as $56.42 and as high as $88.70. On average, 3451470 shares of APC exchange hands on a given day and today's volume is recorded at 0.