Indonesia Struck Exploration Deal With Vietnam

Indonesia struck a deal on oil exploration in the Randugunting on Java island with the state oil firm Pertamina, Petroliam Nasional Bhd and PetroVietnam, an official at the Energy Ministry said.

"Their commitment for the three-year exploration is estimated at around US$7.6 million," the upstream director at the ministry said.

According to him, Pertamina will take a 40 per cent stake as an operator, while Petronas and PetroVietnam hold 30 per cent respectively.

The exploration block is located close to the country's Cepu block, operated by US energy giant ExxonMobil Corp and one of the US oil firm's 10 biggest global projects.