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Indonesia’s PGN embarks on overseas expansion

JAKARTA (Rambu Energy) – Gas distributor firm PT Perusahaan Gas Negara Tbk (PGAS.IJ) is now embarking on overseas expansion. Its first move is by acquiring 36 percent interest in shale gas Fasken Block, Eagle Ford, Houston, Texas, United States owned by by Swift Energy Company, which is also the operator of the block. PGN acquired the block through its 99-percent owned subsidiary PT Saka Energi Indonesia (SEI).

PGN said its subsidiary Saka Energi has entered into agreement with Swift Energy to acquire the working interest with acquisition value of US$175 million. The acquision is scheduled to complete by end June 2014.

Swift Energy is a company engages in development, exploration, acquisition and operation of oil and gas assets with a focus on oil and gas reserves in onshore Texas and offshore Lousiana. The company was established in 1979 with head office in Houston.

“The investment is in the form of owning working interest in the block is part of the core business of SEI,” the company said.

PT Saka Energi Indonesia (Saka) was formed on June 27, 2011, as the upstream oil and gas subsidiary of PT Perusahaan Gas Negara (Persero) Tbk, Indonesia’s largest natural gas transportation and distribution company. (RK)

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