PetroChina Announces Acquisition of Amerada Hess'Assets in Jabung PSC

With remarkable growth in its oil andgas production and main chemicals inthe first quarter of this year,PetroChinaannounced April 24 that its whollyowned subsidiary,PetroChinaInternational,has completed acquisitionof a 50 percent stake from AmeradaHess Indonesia Holdings Co(AHIH)at a price of approximately US＄82million in cash,including the operatingcapital.Meanwhile, Petronas hasacquired the remaining 50 percentinterest of AHIH on the same terms.Prior to this acquisition,AHIH,Petronas and PetroChina already hold30 percent interest each in the JabungBlock PSC,with Pertamina holding theother 10percent interest.PetroChina isthe operator of the block.Productionof the block reached 8.47 millionbarrels last year,and is expected totriple by 2005. PetroChina,Petronas and Pertaminaare currently in talks seeking to finalizethe terms under which Pertamina will