The agreement came following a meeting between Indonesian President Susilo Bambang Yudhoyono and Norwegian Prime Minister Jens Stoltenberg in Norway on September 13.
The cooperation agreement in the energy sector was signed by the president director of Indonesian national oil company PT Pertamina, Ari Soermarno, and the president and CEO of Statoil, Helge Lund.
The Norwegian oil firm said the agreement provides a framework for analysis and pursuing joint business opportunities in the area of exploration and production, initially in Indonesia but then potential in other countries.
The two companies will establish a steering committee that will be co-chaired by senior executives from each company.
Moreover, the two countries also agreed to increase cooperation in fields of trade, politics, and in efforts to reduce the infant mortality rate.
