|
Singapore Petroleum Company Ltd. (SPC) signed an agreement
Friday to strengthen its collaboration with state oil and gas company
PT Pertamina, promising up to US$1 billion for joint exploration and
production projects over the next five years.
According to Pertamina president director Ari Soemarno, the memorandum
of understanding (MoU) -- signed by Energy and Mineral Resources
Minister Purnomo Yusgiantoro, State Minister for State Enterprises
Sugiharto, and Singapore Trade and Industry Minister Lim Hng Kiang --
underlines the commitment of the two companies to working together on
the exploration, development and bringing to production of oil and gas
projects both in Indonesia and overseas.
The preliminary agreement would also provide a platform for
information-sharing between SPC and Pertamina.
"This MoU underscores SPC's strategy of building regional alliances and
cooperation with the aim of creating sustainable growth and development
across the oil and gas value chain," SPC chief executive officer Koh
Ban Heng said.
Purnomo, meanwhile, said he expected the fruits of the agreement to be
mutually beneficial, with Pertamina having the experience and
expertise, and SPC having the money to allow Pertamina to undertake
more production projects.
Pertamina president Ari Soemarno said a number of the company's oil and
gas fields were being considered for joint development under the MoU.
These consisted of at least eight fields in North Sumatra, including
the Besi Tang gas field, Pertamina upstream director Sukusen Soemarinda
explained.
However, more than half of Pertamina's 71 oil and gas fields are
considered to be marginal or nearing the end of their productive lives.
In Indonesia, SPC -- an associate company of Keppel Oil and Gas
Services Pte. Ltd., itself a wholly-owned subsidiary of conglomerate
Keppel Corp. -- currently has concessions in the Kakap and West Natuna
blocks in the South China Sea off the Riau Islands, as well as the
Sampang block on Madura island in East Java.
|
