INDONESIA’S state-owned oil and gas company Pertamina has entered into an agreement to acquire just under 25 per cent of the shares of independent French petroleum company Maurel & Prom (M&P).

In announcing the deal, Pertamina indicated that Maurel & Prom will become an international development platform for the company.

Under an agreemen with Pacifico, Pertamina will purchase 24.53 per cent of Pacifico’s share in Maurel & Prom for a price of EUR4.20 per share plus an earn-out of EUR0.5 per share. The earn-out will be paid if, from January 1st 2017 (included) to December 31st 2017 (included), the Brent price remains above US$65 per barrel during all trading days within a period of 90consecutive calendar days.

“This project is part of Pertamina’s five strategic pillars implementation to enhance its upstream footprint around the world,” Wianda Pusponegoro, Vice President Corporate Communication of Pertamina, said.

“This Pertamina’s impressive stride demonstrates its strong commitment to ensure the Indonesia energy security”.

The Maurel & Prom Group generates most of its business in Africa through the exploitation of onshore assets already developed (Gabon and Tanzania) and a significant stake (21.37 per cent) in Seplat, a leader of indigenous operators in Nigeria.