Indonesia's Energi Mega Persada Hopes to Get $96 mn from Selling Half of its Share in Mozambican Gas Block

Indonesian energy firm Energi Mega Persada (EMP) is looking to get $96.25 million from selling half of its stake in the Buzi natural gas block in Mozambique, according to a report by Jakarta Globe newspaper.

The company has been looking to sell its participating rights at the block since the end of 2014, the newspaper added.

"We hope to get about 10 percent profit compared to our purchasing price back in 2013," Imam Agustino, president director of Energi Mega Persada, said Tuesday. "The profit from this transaction will be used to develop the Buzi block in the future and increase oil and gas production."

In October 2013, EMP acquired 75 percent stake in Buzi block in Mozambique. The block has 2P reserves of 283 billion cubic feet and prospective resource of 13.4 trillion cubic feet (on 100 percent basis), according to EMP’s website. The remaining 25 percent of the stake in Buzi EPCC is owned by Empressa Nacional de Hidrocarbonetos.

The company paid $175 million for the 75 percent stake, Jakarta Globe said.