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Total to team up with Pertamina in Mahakam block
French energy company with Indonesian branch Total E&P Indonesie (Total) is set to team up with state-owned oil and gas firm PT Pertamina during the transitional period after Totalâs contract in Mahakam Block, East Kalimantan, expires in 2017
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rench energy company with Indonesian branch Total E&P Indonesie (Total) is set to team up with state-owned oil and gas firm PT Pertamina during the transitional period after Total's contract in Mahakam Block, East Kalimantan, expires in 2017.
'The partnership can be accomplished by giving Pertamina access to Total's assets outside Indonesia,' Total E&P Indonesie president and general manager Hardy Pramono said in Jakarta on Friday as quoted by Antara news agency.
He said his company previously had set up a similar partnership with Thai-based oil and gas firm PTTEP.
'We did the same thing when Total E&P handed over the Bongkot Field in Thailand to PTTEP a few years ago,' he continued.
Total is currently running the block and holds 50 percent of the shares with the remaining shares are owned by INPEX.
He added that the firm's plan during the transitional period would be giving support to the Indonesian government, here represented by Pertamina, on how to maximize the nation's revenues from the oil and gas sector and particularly from the Mahakam Block.
The transitional period is crucial in order to secure investments that are required to help maintain the block's production.
The production sharing contract for the Mahakam Block was signed in 1967 and was extended in 1997 for a 20 year period. (nfo)(++++)
