Pertamina to Invest in Iraqi Oil Fields?

Indonesia’s state-owned oil company Pertamina wants to buy stakes in at least two Iraqi oilfields, according to a report from Bloomberg.

During meetings between Iraqi and Indonesian government officials in Jakarta, company President and CEO Karen Agustiawan (pictured) told reporters the company may acquire a 10 percent share in an area that produces 2.5 million barrels a day, and in another that pumps 1.8 million barrels.

“If we can have 10 percent shares in each field, we could supply 180,000 barrels and 250,000 barrels for Indonesia’s energy security,” Agustiawan said. The company still needs to negotiate with the operators of the fields and obtain approval from the Iraqi government, she said.

Iraq Business News, however, casts doubt on this assertion, as the stated output of the two fields is more than Iraq’s total production.

Pertamina also plans to resume operations in the Block-3 Western Desert acreage, Agustiawan said. The company obtained rights to the field, which is in an exploration stage, in 2002, it said in a statement.

(Source: Bloomberg)

One Response to Pertamina to Invest in Iraqi Oil Fields?

  1. Uruki-the-Iraqi July 2, 2012 at 2:47 am #

    MAYBE Pertamina is the world’s largest producer and exporter of Liquefied Natural Gas (LNG) and Iraq can cooperate and benefit from the experience and business model of this giant Indonesian oil and gas company (if and only if they will run, operate and maintain block-3 or other blocks without owning it) but could someone please tell this misinformed CEO woman next time before she makes any statements about Iraq’s oil or gas fields and appropriately inform her about the potential of these fields (and not the current production levels) and also could someone make it clear to her the oil and the gas that will be extracted from block-3 and other blocks will ultimately belong to ALL the people of Iraq and not to these IOCs!!! All IOCs are welcomed to work and invest in the extraction of Iraq’s vast oil and gas BUT they will only get service contract remunerations per barrel and not own the oil or the gas they extract… It is a common sense and it is really a simple concept, how come this or any other IOCs CEOs entering the Iraqi theater keep acting like they do not know or understand these basic Iraqi MOI requirements??