Statoil, Pertamina ink cooperation agreement

Norway oil firm Statoil ASA on Wednesday an an MoU with State oil and gas company Pertamina in Oslo.

Statoil said the MoU provided the framework for analysing and pursuing joint business opportunities in the area of exploration and production, initially in Indonesia and then potentially other countries.

The MoU was signed by chief executives Helge Lund of Statoil and Ari H Soemarno of Pertamina. The president of Indonesia, Dr Susilo Bambang Yudhoyono, and the prime minister of Norway, Jens Stoltenberg attended the signing ceremony.

"To implement the terms and conditions of the MoU, Pertamina and Statoil will establish a steering committee that will be co-chaired by senior executives from each company," Statoil said.(alex)