OREANDA-NEWS. May 25, 2012. PT Pertamina (Persero) and  Korea National Oil Corporation (KNOC) signed MOU for exploring the possibility of upstream oil and gas business cooperation at working regions of the two companies or other prospective regions that are of interest by both companies, including Kazakhstan.

The MOU signing was held at JCC Building on the second day of Indonesian Petroleum Association Conference and Exhibition, on 24 May 2012, by President Director and CEO of PT Pertamina (Persero), Karen Agustiawan, and  President Director and CEO KNOC, Young Won Kang.

"Pertamina and KNOC will study the possibility for exploration, development and production of hydrocarbon at various locations, domestic and overseas, including in Kazakhstan, "Karen Agustiawan said.

Pertamina and KNOC will also conduct geological study, geophysics study and other related studies at open working regions in Indonesia. Besides, both companies will conduct cooperation in developing professional capability between them through expertise exchange by secondment mechanism.

In this cooperation, Pertamina and KNOC 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.

Such alliance is part of Pertamina's strategy in developing its global business and in line with its policy for intensification and extensification at Pertamina's domestic working regions, particularly to discover new opportunities in upstream oil and gas sector that will support long-term scenario in increasing the security of domestic energy supply.

"Regarding Pertamina's policy for future national energy supply, Pertamina will continue to forge similar cooperations with various oil and gas companies, particularly with NOC (National Oil Companies) from various countries," Karen said.