ChevronTexaco eyeing Pertamina?s oil, gas blocks

US oil giant ChevronTexaco is eyeing E&P joint venture opportunity with state oil and gas company Pertamina to co-operate the latter?s working areas in South Sumatra and East Java, a company executive said.

?We have sent letters of inquiry to Pertamina, but so far, we haven?t got any reply,? said Caltex Pacific Indonesia (CPI) president W. Yudiana Tuesday. CPI is a wholly oned subsidiary of ChevronTexaco, which operates the country?s biggest oilfields in Central Sumatra.

Yudiana said the cooperation would be beneficial to both Pertamina and ChevronTexaco as Chevron would be ready to spend money and technology in order to find commercial oil and gas reserves in the proposed areas.

Pertamina is currently holding the largest yet underexplored working areas in Indonesia, spanning from Aceh to Papua.

A number of foreign and domestic oil companies had expressed interest to make exploration venture with Pertamina due to the high hydrocarbon potential finds in some of Pertamina?s working areas.

Pertamina?s exploration director Hari Kustoro recently said that joint venture cooperation would be possible once Pertamina sign cooperation contract of work with the government, which will enable Pertamina to spin off each of its working areas into separate units. (godang)