Feb. 9 (Bloomberg) -- PT Pertamina has withdrawn its bid for a 25 percent stake at Exxon Mobil Corp.’s Angola oil block after the African country offered the stake to the state oil company Sonangol SA, Mochamad Harun, a spokesman at Pertamina said.
“We cannot proceed because the Angolan government used their preemptive right to offer the stake to their national oil company and they have decided to buy it,” Harun said in a telephone interview from Jakarta today. “We’re looking for other opportunities for mergers and acquisitions to help boost our production.”
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