Statoil and Pertamina sign a cooperation agreement

September 13, 2006, 11:00 CEST

A memorandum of understanding (MoU) has been signed today, 13 September by the Indonesian national oil and gas company PT Pertamina (Persero) and Statoil ASA, covering cooperation between the two companies.

The MoU was signed by chief executives Helge Lund of Statoil (number two from the right) and Ari H Soemarno of Pertamina. The president of Indonesia, Dr Susilo Bambang Yudhoyono (left), and the prime minister of Norway, Jens Stoltenberg attended the signing ceremony in Oslo.

The MoU provides the framework for analysing and pursuing joint business opportunities in the area of exploration and production, initially in Indonesia and then potentially other countries.

To implement the terms and conditions of the MoU, Pertamina and Statoil will establish a steering committee that will be co-chaired by senior executives from each company.

"The MoU with Pertamina underlines our international growth ambition," says Mr Lund. "Both Statoil and Pertamina have the skills, experience and technologies that will add value to this partnership. We hope that this will create significant growth potential for both parties."

“We are delighted to join ranks with Statoil in pursuing new exploration opportunities and enhancing existing production areas," says Mr Soemarno. "Our cooperation with Statoil is part of Pertamina’s drive to establish closer working relationships with global players.”