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Pertamina, Talisman to cooperate on Indonesia oil

Mon Jun 23, 2008 11:27pm EDT

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JAKARTA, June 24 (Reuters) - Indonesia's state oil firm PT Pertamina and Canadian oil explorer Talisman Energy Inc (TLM.TO) have agreed to cooperate on recovering more oil from Pertamina's fields, an official at the Indonesian company said on Tuesday.

The deal was aimed at boosting Pertamina's production as Indonesia struggles to meet rising domestic energy demand.

"The agreement was signed last week to open areas for cooperation between the two companies to jointly identify and evaluate the feasibility for enhance oil recovery projects," Pertamina's spokesman Wisnuntoro said.

"Talisman would provide opportunities for training and development for Pertamina's technical staff," he added.

Talisman officials could not be reached for comment.

The Calgary-based company has several upstream oil and gas projects in Indonesia, including in South Sumatra.

Most of Pertamina's energy blocks in Indonesia are already mature and need further investment to recover remaining oil reserves.

Pertamina forecasts it will produce 160,000 barrels per day (bpd) of crude oil in 2008, compared with 143,000 bpd last year.

Indonesia has said it has 8.6 billion barrels of proven and potential oil reserves and about 182 trillion cubic feet of natural gas reserves. (Reporting by Muklis Ali; Editing by Lincoln Feast)



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