Pertamina signs agreement with 3 global companies

State oil and gas firm PT Pertamina on Thursday signed memorandums of understanding (MoUs) with three foreign companies to improve production in existing blocks as well as seeking opportunities to acquire blocks abroad.

The first MoU was between Pertamina and the Korea National Oil Corporation (KNOC) for exploring the opportunity for cooperation between the two companies in the upstream sector, including in Kazakhstan.

“Pertamina and KNOC will study the possibility of exploring, developing and producing hydrocarbon in various locations, both in Indonesia and overseas,” said Pertamina president director Karen Agustiawan.

The two firms would conduct geological, geophysical and other studies in Indonesia’s working areas and exchange expertise.

The second MoU was signed with the Kuwait Foreign Petroleum Exploration Company (kufpec). The two will launch a feasibility study for the establishment of a joint venture. The study will be the basis of future cooperation.

The last MoU was for studying the possibility of implementing enhanced oil recovery (EOR) technology by using carbon dioxide (CO2) at Pertamina’s working areas. The MoU is between Pertamina and Hess.