Pertamina to Seek Partners for 20 Oil, Gas Blocks

JAKARTA Apr 25, 2007 (Dow Jones Newswires)

Indonesia's state-owned oil and gas company Pertamina will seek partners to develop 20 oil and gas blocks later this year, an official with the company said Wednesday.

PT Pertamina E&P President Director Kun Kurnely told reporters that the company needs partners to explore for oil and gas in 11 blocks, and produce oil and gas in nine blocks.

The blocks are located in Java, Sumatra and Kalimantan, Kurnely said.

"Hopefully, we can make the offer in May or June," he added.

Pertamina will seek approval from the government to farm out more than 15% interest in each of the blocks due to "difficulties" in exploring and producing oil and gas there, he said, but declined to specify the equity level it will offer its partners for the 20 blocks.

Copyright (c) 2007 Dow Jones & Company, Inc.

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