Indonesia's Pertamina to sign agreement with Petronas
Tuesday, 7 August 2007
JAKARTA, Aug 6 (Xinhua): Indonesia's state-owned oil and gas company Pertamina will likely sign a joint venture agreement with its Malaysian and Vietnamese counterparts later this month to jointly explore and develop hydrocarbon resources, local press said today.
Pertamina and Malaysia's Petronas and PetroVietnam recently have finalised negotiations on joint exploration in Randu Gunting block in East Java, which is estimated to contain 600 million barrels of oil and 1.7 trillion cubic feet of gas, reported English daily The Jakarta Post.
The three parties will establish a joint venture company, called the PCPP Joint Operating Company, to operate the block, it said.
Pertamina will have a 40 per cent interest in the joint venture firm, while Petronas and PetroVietnam hold a 30 per cent stake each, it said, quoting Pertamina president director Ari Sumarno.
Pertamina and Malaysia's Petronas and PetroVietnam recently have finalised negotiations on joint exploration in Randu Gunting block in East Java, which is estimated to contain 600 million barrels of oil and 1.7 trillion cubic feet of gas, reported English daily The Jakarta Post.
The three parties will establish a joint venture company, called the PCPP Joint Operating Company, to operate the block, it said.
Pertamina will have a 40 per cent interest in the joint venture firm, while Petronas and PetroVietnam hold a 30 per cent stake each, it said, quoting Pertamina president director Ari Sumarno.