Indonesia Replaces Pertamina Head, Agrees With Exxon

Indonesia is to replace the head of state oil and gas firm Pertamina, because he strongly opposed awarding operating one of its largest untapped oil fields to US oil corporation ExxonMobil, with which Indonesia is intending to extend a contract.

Exxon has yet to start production because it wanted to alter its contract to cover further investment estimated at $2.6 billion in the project after it discovered an extra 250 million barrels of oil reserves.