The government of Indonesia has voted not to approve the purchase by state player PT Pertamina of Harvest Natural Resources’ Venezuelan assets for $725m.
The Houston-based explorer said that the share purchase agreement approved by the boards of both explorers last summer for the sale of the 32 per cent stake in Petrodelta had now been terminated as a result, according to upstreamonline.com.
Chief executive, James Edmiston, admitted he was disappointed but said the explorer “remains committed to exploring all possible alternatives to unlock the potential of our assets and to maximise value for our shareholders.”
Majority owned by Venezuelan state outfit PDVSA, Petrodelta holds six oilfields producing an estimated 37,000 barrels per day last year.