Pertamina determined to conclude Cepu talks by end-January

State oil and gas firm Pertamina is targeting to conclude its negotiations with ExxonMobil Corporation over the Cepu oil and gas block by the end of this month.

?The time schedule was decided in today?s general shareholders meeting of the company,? Pertamina?s upstream director Bambang Nugoroho told reporters after the general shareholders meeting on Wednesday.

However, he said, Pertamina's shareholders also decided to give the firm three months to conclude its talks with the American energy giant in case the two firms failed to reach an agreement by the end of this month.

Bambang said negotiators of the two firms had yet to agree on certain legal and financial aspects of a possible deal between both firms.

Pertamina officials said late last year that it would possibly sign with ExxonMobil this month a joint venture agreement on Cepu, which is located in Central Java and East Java.

The two companies had in principle agreed to operate the block on a 50:50 percent ownership basis.

Pertamina wholly owns the block while ExxonMobil, through Mobil Cepu, operates it under a technical assistance contract (TAC), which expires in 2010. (godang)