INDONESIA SIGNS SEVEN E&P AGREEMENTS

Indonesia's Pertamina has signed seven exploration and production contracts with BP Exploration, Royal Dutch/Shell Group, Chevron International, Texaco International, Indonesia Petroleum (Inpex) of Japan, and Lirik Petroleum Inc. of Indonesia. Shell Indonesia acquired the 18,000 sq km Masalembo tract off East Java. Under a production sharing agreement, Shell is committed to spend at least $4 million during an initial 2 year period. Spending could rise to $32.5 million during 10 years.

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