Pertamina tie up with Petronas, PetroVietnam

State owned gas and oil company Pertamina will cooperate with Malaysia?s Petronas and Vietnam?s PetroVietnam to develop gas and offshore oil fields in Java and offshore locations near Malaysia and Vietnam.

Head of the upstream operation of Pertamina, Arifin Takhayan said in Jakarta over the weekend that the offshore gas and oil fields in Java and Malaysia are now under a feasibility study while that in Vietnam has started exploration.

He said the offshore location in Java, which is located in Kendal, and that in Malysia were believed to contain a large amount of reserves, while the gas field in Vietnam, which is located offshore Nam Com Son has oil reserves of 150 million barrels.

The offshore gas and oil fields will be operated by a joint venture of the three companies. Pertamina will have 40 percent stake in the joint venture, while Petronas and VietnamPetro will equally share the remaining 60 percent. (*)