Pertamina expanding to Ecuador

Pertamina planned to open office in Ecuador in order to follow up cooperation in exploiting oil and gas wells in the country, the company?s Upstream Director Sukusen Seomarinda told Petromindo in Jakarta last week.

?At least three projects there (Ecuador) could increase Pertamina?s oil reserves. They are exploration block, development of exploitation block and rehabilitation of wells,? Pertamina's upstream director Sukusen Soemarinda said over the weekend.

Equador's state owned company Petro Equador has offered a cooperation with Pertamina to develop 300 mature wells in six blocks in the country. But, Pertamina is more interested to explore and develop new blocks as mature wells need huge technology and investment.

Furthermore, Sukusen said, production from mature wells will not as large as those from new blocks.

Indonesian and Equadorian governments have signed a cooperation agreement in the oil and gas sector. Pertamina and Petro Equador are expected to folow it up by signing an agreement to realize the cooperation.

Both companies expected to first sign a heads of agreement (HOA) but the signing of the agreement was delayed several times because of change in policy in Ecuador.

?Originally, it was scheduled for this month, but delayed, we are better to wait for information from there," he affirmed.

Asked about investment, Sukusen said that he could not specify it as the investment would be dependent on data presented by Petro Ecuador. ?We have not known the investment exactly because we have not known the real condition three,? he went on. (Godang)