Pertamina, Petronas and Petro Vietnam to jointly develop oilfields

Indonesian oil and gas company Pertamina, Malaysia's Petronas and Petro Vietnam have signed an agreement to jointly develop oilfields off Java and Malaysia, a Pertamina official said. Pertamina upstream director Iin Arifin Takhyan said that studies were undertaken on an offshore oilfield in Kendal, Central Java and on another offshore Malaysia.
In Vietnam, the three companies have already started offshore explorations in the Nam Con Son area, Iin told. The offshore oilfield in Nam Con Son is estimated to have a reserve of 150 mm barrels of crude oil. "We hope studies on the Kendal and Malaysia offshore oilfields could be completed and explorations contract could be signed later this year," he said.

In the Kendal joint venture, Pertamina will have 40 % of the shares and Petronas and Petro Vietnam will split the rest. In the Nam Con Son joint venture, signed, Petro Vietnam has 40 % of the shares and Pertamina and Petronas share 30 % each.
The three state-owned oil companies started planning to cooperative ventures in November 2001, and were realized with the signing of a contract on the exploration of two oil blocks off Vietnam.