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Karen Agustiawan

President Director and CEO, PT Pertamina

With soaring energy consumption and declining production from its own petroleum reserves, Indonesia has launched a quest for overseas assets. In May, the state-owned company PT Pertamina bid US$3.5 billion for ExxonMobil’s 25% stake in Angola’s Block 31. The offer bested those of India’s Oil and Natural Gas Corporation and China’s Sinopec and China National Offshore Oil Corporation. The move is helped by a $1.5 bn. bond issue in New York this May. More foreign acquisitions lie ahead and the company has its eye on around 20 different assets across Asia and Africa....

(This article contains approximately 240 words)

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