Indonesia's Pertamina to Cooperate With Timor Leste for Oil, Gas Exploration

Indonesia’s state owned energy firm Pertamina will establish a joint venture company with Timor Leste's state company to develop oil and gas sector in the nation, according to a Pertamina official.

The cooperation would give an opportunity for the Petamina to expand its business in both upstream and downstream of oil and gas sector in Timor Leste, Xinhua said citing the official.

Director for Marketing and Trading of Pertamina Hanung Budya revealed that an agreement on the cooperation in developing upstream and downstream sector of oil and gas had been signed by the company and top officials of foreign ministry of Timor Leste and the country's ministry of economic cooperation.

"We (will) make a joint venture firm with the state firm of Timor Leste, focusing on developing oil and gas sector in Timor Leste," Xinhua quoted Budya as saying.

We know that the potential of oil and gas reserve in Timor Leste is huge, he added.