Indonesia Extends Pertamina CEO Tenure

JAKARTA - Indonesia's government has extended the tenure of Karen Agustiawan, the president director of state energy company Pertamina, to ensure the continuity of business plans currently being implemented, a minister said Tuesday.

"We extended Karen's period temporarily," State Enterprises Minister Dahlan Iskan told reporters on the sidelines of a meeting. The government may retain her for a full-five year term, he said.

Mr. Iskan said the decision to extend was made last Thursday at a shareholders' meeting.

Ms. Agustiawan's term began in February 2009 and had been scheduled to end on March 5. Tenure at the company's top spot typically lasts five years, but governments in the past have occasionally changed the CEO early.

Achievements during her tenure include a foray into alternative energy such as geothermal and coal-bed methane, and pursuit of assets outside Indonesia.

In a vote of confidence for Pertamina's development under Ms. Agustiawan, investors flocked to the U.S. dollar-denominated bonds the company issued in 2011 and 2012, from which it raised US$3.9 billion.

Pertamina's net profit in 2012 rose 26% to 25.89 trillion rupiah (US$2.7 billion), Ms. Agustiawan said last week.

Output rose to 461,640 barrels of oil equivalent last year from 457,640 barrels.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Indonesia Extends Pertamina CEO Tenure

JAKARTA - Indonesia's government has extended the tenure of Karen Agustiawan, the president director of state energy company Pertamina, to ensure the continuity of business plans currently being implemented, a minister said Tuesday.

"We extended Karen's period temporarily," State Enterprises Minister Dahlan Iskan told reporters on the sidelines of a meeting. The government may retain her for a full-five year term, he said.

Mr. Iskan said the decision to extend was made last Thursday at a shareholders' meeting.

Ms. Agustiawan's term began in February 2009 and had been scheduled to end on March 5. Tenure at the company's top spot typically lasts five years, but governments in the past have occasionally changed the CEO early.

Achievements during her tenure include a foray into alternative energy such as geothermal and coal-bed methane, and pursuit of assets outside Indonesia.

In a vote of confidence for Pertamina's development under Ms. Agustiawan, investors flocked to the U.S. dollar-denominated bonds the company issued in 2011 and 2012, from which it raised US$3.9 billion.

Pertamina's net profit in 2012 rose 26% to 25.89 trillion rupiah (US$2.7 billion), Ms. Agustiawan said last week.

Output rose to 461,640 barrels of oil equivalent last year from 457,640 barrels.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Statoil, Pertamina Relinquish Stakes in Deepwater Karama Block

Statoil Indonesia and Pertamina Hulu Energi have relinquished their stakes in the deepwater Karama block, sited offshore in the Makassar Strait, after evaluation works completed by both of the companies indicated that there are no hydrocarbon reserves in the block, temporary regulatory unit SKMigas said in a statement late Wednesday.

The exploration activities Statoil has undertaken under the agreement include the study of geology and geophysics, 3D seismic and the drilling of three wells.

"For six years, Statoil has made all the commitments and obligations of exploration activities specified in the contract agreement," SKMigas said in its disclosure. The entire exploration program in the work area is estimated to have cost at least $271 million.

Statoil, as operator, held a 51 percent stake in the block, while Pertamina Hulu Energi held the remaining 49 percent interest.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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