Pertamina, ONGC to sign MOU

Pertamina, ONGC to sign MOU

SINGAPORE (Dow Jones): The international arm of India's Oil &
Natural Gas Corp., ONGC Videsh, will sign a memorandum of
understanding later Wednesday with Pertamina to develop the
latter's upstream oil and gas exploration operations, an Indian
Ministry of Petroleum official told Dow Jones Newswires
Wednesday.

Under the MOU, privately-owned ONGC Videsh will also provide
Indonesia's state-owned oil and gas company Pertamina with
technical expertise to upgrade its refineries, the official said.

"Indonesia needs technology for upgrading refineries and
exploration," the official said, adding that there are possibly
nine exploration blocks in Indonesia that could be developed
under the deal.

If the MOU is finalized, it would be the first time an Indian
oil company has entered into an upstream collaboration with
Indonesia.