Pertamina sets up new international subsidiary

State-owned oil and gas company Pertamina has set up a new subsidiary called Pertamina International Exploration and Production to manage its upstream oil and gas assets overseas, reports said Wednesday.

Pertamina President Director Karen Agustiawan, speaking at the celebration of the company?s 56th anniversary Monday, said that this was in line with Pertamina?s ambition to become a world class company.

Investor Daily said that the company currently has several overseas oil and gas assets including six exploration blocks comprising of Block 3WD in Iraq with 100% ownership; Block 17-3 Sabralah offshore in Libya with 100% ownership; Block 123-3 Sirle Onshore, Libya, 15% ownership; Block 3 Offshore Qatar, 25% ownership; and Block 10 & 11.2, Vietnam, 10%.

Other overseas assets include three oil and gas production blocks comprising of Block VIC/L 26, 27 &28, Australia, 10 % ownership; Block 405a, Libya, and Block West Qurna-1, Iraq, 10% ownership; and one production block called Block SK-305 in Malaysia with 30 percent ownership. (*)