Hong Kong-listed CITIC Resources has enlisted the help of Herbert Smith-associated firm Hiswara Bunjamin & Tandjung (HBT) for its first oil sector acquisition in Indonesia, as it further diversifies its business in the global energy sector.

Completing on 22 November following approval from the Indonesian Government, CITIC Resources entered into an agreement with Kuwait Foreign Petroleum Exploration Co. (KUFPEC) to buy a 51% majority interest in the Seram Non-Bula Block PSC oil field on Seram Island in East Indonesia. Under the agreement CITIC Resources will also become operator.

The US$97.4m purchase gives CITIC Resources oil exploration and production rights through until 2019, and it is expected that the acquisition will provide additional income diversification to the company.

Supported by Herbert Smith in Hong Kong, the HBT team was led by Herbies partner David Dawborn (pictured) and senior associate Brian Scott - both of whom are on long-term secondment from the UK firm to HBT in Jakarta. Hong Kong energy partner Anna Howell and associates Kee Chi and Hilary Lau worked on the due diligence aspects of the deal.

N M Rothschild & Sons (Hong Kong) Limited acted as financial adviser to CITIC Resources, which is an integrated provider of commodities and natural resources  including base metals and oil - to China. The company and its subsidiaries have interests in aluminium smelting, coal mining, import and export of commodities and manganese processing and manufacturing.

Meanwhile teams from Jones Day - led by Singapore-based senior associate Alex Cull - and Scotia Waterous advised KUFPEC, which is a subsidiary of Kuwait Petroleum Corporation. KPC conducts international oil and gas exploration, development and production activities throughout the Middle East, Africa, Asia and Australia.