Indonesia's state-oil firm Pertamina is slated to sign a joint venture agreement with its Malaysian and Vietnamese counterparts to jointly explore hydrocarbon resources in East Java of Indonesia on Thursday.
The tripartite project, estimated to cost 150 million U.S. dollars, will involve Pertamina, Malaysia's Petronas and PetroVietnam.
"Malaysia and Vietnam have shared their blocks with us, we become the last to do so," Minister of Energy and Mineral Resources Purnomo Yusgiantoro was quoted Wednesday by leading news website Detikcom as saying.
The Indonesian government has insisted the revenue split at 85: 15 in favor of the government.
The project is located in Randu Gunting block in East Java province.
The three companies signed a Tripartite Cooperation Arrangement on joint oil and gas explorations in their respective countries in 2002.
In addition to the Randu Gunting block, the three jointly operated in Vietnam's offshore block 10 and 11.1 and Malaysia's Sarawak.
Source: Xinhua
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