Pertamina acquires Harvest Natural Resources' interest in Petrodelta for US$725 million
Pertamina, the Indonesian state oil company, has entered Venezuela with the acquisition of Harvest's 32% stake in Petrodelta. Petrodelta is a heavy oil concession located in the Maturín basin. The fields have been producing for 75 years. Harvest entered the block in 1991, when the project was awarded during Venezuela's first Marginal Fields bidding round. We value a 32% stake in Petrodelta at US$885 million (NPV10, discounted to January 2012). Given the risks associated ...