"Indonesia's state-owned PT Pertamina is considering plans to purchase the 50% stake held by Verenex Energy Inc. in Area 47 of Libya's Ghadames basin.
"Verenex may pull out from the block," said Pertamina upstream director Karen Agustiawan, referring to Area 47, currently owned 50:50 by the Canadian firm and PT Medco Energi Internasional.
Agustiawan said Pertamina is especially interested in Area 47, "as the drilling has been done" and production may begin in 2011 with an initial output estimated at 50,000 b/d.
She added that the block would be Pertamina's third in Libya, if the talks are successful. "We already own two blocks in Libya and are looking forward to see Libya as one of our bases overseas..."
Hopefully the sale goes through, as it's clear that Verenex and Medco do not currently have the resources to develop the block. Raising capital at the moment is nearly impossible and with out a significant financial input the development of the block could be delayed by years.
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