Pertamina to spend $ 64.5 on overseas upstream ventures

State oil and gas company Pertamina said it was committed to spend US$ 64.5 million in overseas exploration within the next 2-5 years.

?The money will be spent on exploration activities in Vietnam, Malaysia and Iraq,? deputy director upstream Eteng Salam said in a press briefing Wednesday.

Pertamina, together with Malaysia?s Petronas and Vietnam?s PetroVietnam, had formed joint venture to explore Block 10/11-1-exploration block in Nam Con Son basin offshore South Vietnam. The same joint venture is in the final negotiation to acquire SK-305 exploration block in Malaysia. The acquisition of SK-305 is expected to be completed by year-end, said Eteng.

Pertamina, in joint venture with The Iraqi Oil Exploration Company had also given concession to operate Block 3 Western Desert in Iraq. The contract is not yet effective pending agreement from Iraqi?s parliament. (alex/godang)