Jakarta. State-owned energy company Pertamina will acquire minority stakes in two oil exploration blocks belonging to Russian energy giant Rosneft, an executive said earlier this week.
The acquisitions form part of an agreement between the two companies on Thursday (26/05) to cooperate in the oil and gas sector, including plans to develop a refinery together.
"Pertamina targets production of around 35,000 barrels of oil per day, with 200 million barrels of oil reserves from the Russian blocks," Pertamina president director Dwi Soetjipto said. He added that Pertamina had been studying the two Russian oil blocks.
The two companies have agreed that Pertamina will have a share of between 10 percent and 15 percent in those two blocks.
Didier Casimiro, Rosneft's vice president for refining, petrochemicals, commerce and logistics, said he has yet to reveal which blocks will be acquired by Pertamina.
"We still keep our options open if Pertamina is willing to be involved in the development of refinery," Casimiro said.