INDONESIA SOON TO SEE SURGE OF EXPLORATION

Oil and gas exploration in Indonesia continues to gather momentum. Indonesia's state owned Pertamina has signed five more production sharing contracts with foreign oil companies, committing their affiliates to combined spending of at least $225.5 million on exploration during the next 10 years. The signings covered four new exploration areas and replacement of a contract of work in another area with a production sharing contract. That brought to 16 the number of production sharing