Pertamina, CNPCI plan joint exploration activities

Indonesia?s state-owned oil and gas firm PT Pertamina has reached an agreement with China National Petroleum Corporation International (CNPCI) to carry out joint oil and gas exploration activities in the two countries.

Pertamina said in a statement obtained Monday that the agreement was signed in Jakarta on November 8.

Pertamina?s Senior Vice President for Upstream Business Development Denie S. Tampubolon was quoted by the statement as saying that following the MoU, the two companies will form a joint team to formulate the details, after which the team will try to seek joint opportunities, and then followed with a binding agreement.

He expected Pertamina and CNPCI to collaborate in a new project. No further details were provided.

Editing by Reiner Simanjuntak