Indonesian oil firm Pertamina wins contract in Libya

Indonesia's state oil and gas firm Pertamina has won contracts to run two oil blocs in Libya, a company executive said here Friday.

Pertamina, which has lost several oil and gas projects at home to foreign rivals, won the tenders to manage the Sirt oil bloc with estimated oil reserve of 400 million barrels and the Sabrata offshore oil bloc that has reserves of around 690 million barrels, said Pertamina President Widya Purnama.

"It's great that we won overseas tenders after we kept losing at home," he was quoted by the Detikcom online news service as saying.

The contracts are due to be signed on Oct. 15 between Pertamina and the Libyan government.

Pertamina will own a 55 percent stake of the two blocs while the host government will take the remaining 45 percent.

The Libyan government has allowed 44 foreign companies to jointly explore oil fields with national companies in the country after each paying 103 million US dollars.

Source: Xinhua