Indonesia's state oil and gas firm Pertamina has announced that....
Indonesia's state oil and gas firm Pertamina has announced that ExxonMobil and Pertamina will start to jointly develop the Cepu oil and gas block at the end of this year.
"ExxonMobil has agreed in principal to a partnership with Pertamina. It has committed to commence (the partnership) this year," Pertamina president Baihaki Hakim said.
Baihaki said Pertamina expected the partnership to be a joint-venture scheme where both parties would get an equal share. The joint venture is expected to get 40 percent of Cepu's output, while the remaining 60 percent will go to the government.
Exxon has yet to officially respond to the offer. But there are signs indicating the offer will be accepted.
ExxonMobil spokeswoman Deva Rachman could not be contacted for confirmation.
