Terra Energy & Resource Technologies announced the service contract for the analysis of an onshore license block controlled by Pertamina. The agreement was signed with Pertamina's service contractor PT. Wahana Petranusa.
Terra Energy & Resource Technologies will receive cash fees for providing exploration services using its proprietary STeP(R) technology in connection with a large license block located in Sumatra, Indonesia to determine and delineate areas of oil and gas prospectivity.
"Indonesia is a recognized oil and gas producing country, and our entry into the Indonesian exploration market is a significant milestone for the Company. Pertamina is one of the largest oil and gas companies in the world and is the most profitable state company in Indonesia," said Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President. "There were several recent unsuccessful drilling attempts on this license block, and Terra is excited to take on the challenge of exploration where traditional methods failed."
"PT. Wahana Petranusa and Pertamina recognize the value of Terra's technologies and are using this contract as a pilot," said Dmitry Vilbaum, Terra Energy & Resource Technologies' Chief Executive Officer. "We are confident that this contract will open other doors within Pertamina and the country of Indonesia."
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