"There are many oil fields in Indonesia whose exploration has been abandoned for various reasons. We need new technologies to continue their development, and we are glad that we can now use Russian technologies," Nuansa Group president Susanto Suparso said at the signing ceremony late on Thursday.
Petros company was established in 1991 on the basis of a research institute in Moscow, and specializes in the development of technologies allowing more efficient oil extraction.
"Technologies for the development of abandoned oil wells that the Russian company is offering to our Indonesian partners are very effective from an ecological standpoint, and more cost-efficient than those offered by Western firms," said Alexander Ivanov, Russian ambassador to Indonesia.
The Russian firm plans to initially implement its technologies at abandoned oil deposits in East Kalimantan on the Island of Borneo, and in central parts of the Java Island.
According to the Oil & Gas Journal, Indonesia's proven oil reserves amounted to 4.3 billion barrels in January 2007.
