AKARTA (XFN-ASIA) – State oil and gas firm PT Pertamina said it has signed a memorandum of understanding (MOU) with Russia’s Lukoil Overseas to cooperate in oil exploration and production activities in Indonesia, Russia and other countries.

It added that the MOU also lays the groundwork for cooperation between the two in applying the so-called enhanced oil recovery (EOR) technology in depleted oil fields in Indonesia.

Pertamina added that as a follow-up to the MOU, the two firms will set up a steering committee to monitor the activities of their joint projects.

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