OREANDA-NEWS. May 25, 2012. PT Pertamina (Persero) and HESS Venture Ltd signed MOU on CO2-based EOR implementation study at Pertamina's working areas. The MOU signing was held at JCC Building on the second day of Indonesian Petroleum Association Conference and Exhibition, on 24 Mei 2012, by Director of Investment Planning and Risk Management of PT Pertamina (Persero) M. Afdal Bahaudin and Vice President of New Venture Hess Corporation Sauu Kakok.

With the MOU signing, Pertamina and HESS will explore the opportunity for CO2-based EOR application at the working fields of Pertamina and its subsidiaries. Pertamina and HESS will also conduct exchange of information and knowledge regarding Pertamina's assets and HESS' assets in order to evaluate the potential of those assets, particularly in adjecant areas.

Furthermore, Pertamina and HESS will also examine other global business potentials. Following up the  cooperation possibility, Pertamina and HESS will form a working group, which members are the representatives of each company.

"Successful outcomes of the feasibility study will become the foundation for more future cooperations," M Afdal Bahaudin said.