Indonesia Pertamina Offers 41 Fields for Joint Operation

JAKARTA Oct 31, 2005 (Dow Jones Commodities News via Comtex)

Indonesia's state-owned oil and gas company Pertamina (PTM.YY) is inviting companies to jointly operate with it 41 marginal oil and gas fields mostly located in South Sumatra.

"We have opened our data room (on the 41 fields)," the company's chief executive officer, Widya Purnama, said Monday. He added that four companies, "including Sinopec and CNOOC," have expressed an interest in the fields.

He said he hoped the current high oil prices in the global market will make the marginal fields attractive.

Joint operations are not new for Pertamina. It currently has 64 upstream joint operation arrangements. Of these, 30 contracts are in the commercially producing stage and the remaining 34 are still in the exploration stage.

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