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Pertamina and Posco International Joint Study on Exploration of New Oil and Gas Reserves

Apr 29, 2020

Pertamina and Posco International Joint Study on Exploration of New Oil and Gas Reserves

Bisnis.com | 06:27 WIB

Bisnis.com, JAKARTA - PT Pertamina Hulu Energi (PHE) and Posco International Corporation signed a joint study agreement on exploration cooperation to find potential sources of new oil and gas reserves.

The signing was carried out in a series of Pre-Event IPA – Investment Day 2021 activities held at the Ministry of Energy and Mineral Resources, Thursday (17/6/2021).

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif said that the joint study agreement was based on the same spirit to seek opportunities in the exploration of hydrocarbon potentials in open areas where Pertamina conducted a 2D seismic survey to fulfill the definite commitment of PHE Jambi Merang.

"The two parties jointly proposed a joint study for an area of ​​11,515 km2 where a series of hydrocarbon events had been identified during the 1980s to early 1990s through previous exploration activities," said Arifin.

The main objective of the joint study is to review the proposed area and test the feasibility of a petroleum system from pre-tertiary source rocks through the integration of newly reprocessed 2D seismic and the results of the seismic survey of definite commitment of Pertamina Jambi Merang.

"This collaboration between PHE and Posco International Corporation is expected to contribute in order to increase domestic oil and gas reserves and sustainable energy security in the future," said Budiman Parhusip, President Director of PT Pertamina Hulu Energi and CEO of Pertamina's Upstream Subholding.

Budiman said that this joint study was one of Pertamina's Upstream Subholding efforts to support the national oil production target of 1 million barrels per day in 2030.