SPC And Pertamina Form US$1bn Alliance

Singapore Petroleum Company (SPC) and Indonesian state oil company Pertamina have signed a preliminary agreement to spend up to US$1bn over the next five years developing oil and gas fields. The deal, designed to boost co-operation between the two countries in exploration, also involves collaboration on development and production projects in Indonesia and overseas. Pertamina faces an uphill struggle to slow the rate of domestic oil production decline - and the corresponding rise in net oil imports - while SPC is developing its existing E&P assets and growing its upstream portfolio with the aim of becoming a significant regional producer.

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