Norton Rose Fulbright is advising PTT Exploration and Production Public Company Limited (PTTEP) and Pertamina Hulu Energy (a subsidiary of Pertamina) on acquiring all of Hess's Indonesian oil & gas producing assets for total consideration of US$1.3 billion.

This transaction is one of the largest acquisitions in the Indonesian oil and gas space to date, it comprises two significant participating interests in the Natuna Sea A Project and the Pangkah Project.

Completion of the transactions is subject to customary closing conditions as prescribed in the Share Purchase Agreements with expected closing dates within the year for the Natuna Sea A Project in 2014.

The Pangkah Project is an oil field located in the East Java Sea in Indonesia. The current production is approximately 7,000 barrels per day of liquids and 33 million cubic feet per day of gas, with total proved and probable reserves of 110 million barrels of oil equivalent .

The Natuna Sea A Project is a gas field located in the West Natuna Sea, near the border between Malaysia and Indonesia. The current production is approximately 220 million cubic feet per day of gas and 2,350 barrels per day of oil, with total proved and probable reserves.

Ashley Wright, partner in the Singapore office of Norton Rose Fulbright, commented:

“This deal is evidence, if further evidence were needed, of the importance of Asian capital in the energy market. We are pleased to be advising on this very significant acquisition for both Pertamina and PTTEP, which signifies a strengthening of their position in South East Asia. Our team offered advice from across both Asian and European offices, meeting the complex and, occasionally, highly time-pressurised requirements of a cross-border oil and gas acquisition in Asia.”

The transaction was led in Singapore by oil and gas partner Ashley Wright, assisted by of counsel Shamim Razavi and associate Bintang Hidayanto from Jakarta office. Freshfields advises Hess.