Andrey Kuzyaev, the President of LUKOIL Overseas, and Sukusen Soemarinda, Corporate Senior Vice President of Indonesian state petroleum company Pertamina, today have signed a Memorandum of Understanding on cooperation in the area of exploration and production of oil
The signed agreements also set a basis for the cooperation between LUKOIL Overseas and Pertamina in the area of EOR technologies on depleted oil fields in Indonesia. Besides that, the companies expressed an intent to conduct a training of their technical staff in order to exchange experience, LUKOIL Overseas reports.
To fulfill the provisions of the Memorandum, LUKOIL Overseas and Pertamina will establish a Steering Committee consisting of representatives of the both companies. The Steering Committee shall control and supervise the activities of Sub-Groups that shall be responsible for identification, evaluation and analysis of specific joint projects or activities.
The signatories shared an opinion that there are great prospects for the development of cooperation between LUKOIL Overseas and Pertamina and the basis for a strategic alliance between the companies is established to develop joint oil and gas exploration and production projects in various regions of the world.