JAKARTA, Indonesia -- OAO Lukoil and Indonesia's Pertamina have agreed to jointly study several prospective blocks in the Republic of Indonesia. The agreement was signed in Jakarta as part of Russian President Vladimir Putin's visit to the country.
The document enhances the memorandum of understanding signed by the two countries in April this year. The MoU covers issues of cooperation in the oil and gas exploration and development.
The agreement covers activities for the next two years and establishes a steering committee and a joint technical group to study prospective offshore and onshore areas. The purpose of the study is to evaluate and interpret data for further exploration and development.
"Cooperation of Lukoil and Pertamina has great development perspectives and lays a foundation for a strategic alliance between the companies and implementation of joint projects in the area of oil and gas exploration and production," says Vagit Alekperov, president of Lukoil, said.
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Pertamina, Lukoil Overseas sign MoU