Pertamina, Petronas and PetroVietnam sign C. Java exploration agreement
Thursday, August 9 2007 - 01:49 AM WIB
State oil and gas company PT. Pertamina together with Vietnam national oil Petrovietnam Investment and Development Company (PIDC) and Malaysian national oil firm Petronas had on Thursday signed agreement to jointly explore Randu Gunting block onshore Central Java.
Pertamina would take 40 percent interest in the block, while PIDC and Petronas would equally share the remaining balance, Pertamina EP CEO Tri Siwindono said.
He added that the partners would undertake G&G activity in the block in the first year, followed by seismic survey in the second year and drilling of at least one well in the third year. He said that the partnership would spend US$8 million in the first three years.
Similar ventures had been established in Malaysia and Vietnam. (godang)