Indonesia’s state oil firm Pertamina is looking for partners to explore and develop its existing oil and gas equity fields and will offer 10 blocks by end-April, a senior Indonesian official said.

Indonesia needs drastic measures to stop its output decline and Pertamina is ready to open its 140,000 sq km of acreage to private companies, Tri Siwindono, director of business development for PertarminaExploration and Production.
“We will offer small oil fields developments to local companies. For the high risk fields, we will call for international companies,” Siwindono said on the sidelines of an industry conference in Singapore.
Pertamina holds 160 production fields and 46 exploration blocks. Siwindono said a first round could be launched by the end of April and would offer five blocks for exploration and five for development. Awards could be as early as end-June.
Pertamina plans to divide its acreage in five categories, from blocks fully operated by Pertamina to complex ones, in which the state oil company may hold only a minority stake.
The different categories could command different contracts, Siwindono said.
“Terms are going to be more flexible. Before we announce our invitation, we will re-evaluate the model of our contracts,” Siwindono said.
Interest in Pertamina’s plans is running high, Siwindono added, with oil prices at $60 a barrel prompting companies to revisit Southeast Asia's upstream potential.