Pertamina eyes oil exploration project in Egypt

State-owned oil and gas company Pertamina is considering to take part in the tender offered by the Egyptian to carry out oil exploration and production activities in the country, the company?s director for upstream operation, Iin Arifin Akhyan said in Jakarta on Monday.

Speaking to reporters at the sideline of a seminar on mining activities in Jakarta, Arifin said that the state owned oil and gas company was still studying the term and condition of the production sharing contracts applied by the country.

?We will probably file our bid in April this year,? he was quoted as saying Detikcom. Arifin said that based on an initial study, the oil exploration and production project is economically feasible. Asked if Pertamina had the chance to win the project, he said; ?Indonesia is considered a friend of Egypt. We hope will get a special treatment.?

He said that Pertamina would use its own funds to develop the project. ?But if there is a need for an expansion, Pertamina might also invite other investors to carry out the projects,? he said.

Pertamina has been invited by the Egyptian government to carry out exploration activities on the country?s Nile gulf and Western Desert. (*)