PT Pertamina is in discussion with Exxon Mobil to acquire its 25% stake in an oil-exploration project in Angola, The Wall Street Journal reports. The Indonesian state energy firm has offered $3.5 billion for the Block 31 stake.

The other bidders were China Petrochemical and Oil & Natural Gas. BP is the operator and 26.7%-owner of Block 31, while the other shareholders include Exxon’s Esso unit, Statoil and Marathon Oil. Angola’s state-owned Sociedade Nacional de Combustiveis de Angol owns a 20% stake in the block.

Click here for the story from The Wall Street Journal.