Pertamina in advanced talks to form E&P JVs on its areas

State oil and gas company PT.Pertamina is in advanced talks with a number of international E&P firm to jointly explore and exploit its oil and gas fields and exploration blocks in Sumatra and East Java, a company official said on Thursday.

Pertamina E&P business development director Tri Siwindono told reporters that the company is offering 40 marginal or dormant fields and 10 exploration blocks in North Sumatra, Jambi, South Sumatra and East Java with Chevron Corp. Anadarko Petroleum, Total, Japex, ExxonMobil and local oil firm Medco Energi. Pertamina E&P is an exploration arm of Pertamina.

He said the deals are expected to be concluded by the end of first quarter of next year.

He added that interested contractors would be given maximum of 15 percent split from the special 40 percent split Pertamina currently enjoyed.

Tens of International and local E&P firms are eyeing Pertamina?s working areas, which are in general considered to be highly prospective and under-explored. Cepu giant oil field in East Java is one of the example where huge amount of crude reserves discovered in Pertamina?s working area.(godang)