Today in Jakarta during the visit of President of Russia Vladimir Putin to the Republic of Indonesia an agreement on joint study of several prospective blocks in the republic was signed by LUKOIL and PERTAMINA, the State Petroleum Company of Indonesia.

The signed document enhanced the cooperation of LUKOIL and PERTAMINA that started in April this year with the signing of the Memorandum of Understanding that covers the issues of cooperation in the area of exploration and development of oil and gas fields.

The study agreement will cover the activities for the duration of 2 years and provides for the establishment of a Steering Committee and joint technical group to study several prospective onshore and offshore areas in various regions of Indonesia. The purpose of the study is to evaluate and interpret the data to access the potential of new exploration plays for oil and gas.

‘The cooperation between LUKOIL and PERTAMINA has a large development potential and lays the foundation for establishing a strategic alliance between the companies and developing the joint projects in the sphere of exploration and oil & gas production’, said the President of LUKOIL Vagit Alekperov.