International Oil Companies: Pertamina

pertamina-logoName: Pertamina

Based in: Indonesia

Pertamina (was Perusahaan Pertambangan Minyak dan Gas Bumi Negara, lit. ‘State Oil and Natural Gas Mining Company’) is an Indonesian state-owned oil and natural gas corporation based in Jakarta. It was created in August 1968 by the merger of Pertamin (established 1961) and Permina (established 1957).

Fields in Iraq: West Qurna I. Acquired a 10% stake in the field from ExxonMobil in November 2013.

From the company’s website:

PT Pertamina Irak Eksplorasi Produksi, a subsidiary of PT Pertamina (Persero), completed closing on Asset Sales Agreement (ASA) with ExxonMobil Iraq Limited for a 10 percent participating interest in West Qurna I, Iraq. ExxonMobil remains the lead contractor and retains 25 percent interest in West Qurna I. The Participating Interest Transfer has been approved by South Oil Compay, Oil Exploration Company of the Iraqi Ministry of Oil and Shell West Qurna B.V., as the members of the West Qurna I contractor consortium.

“This acquisition provides Pertamina with the exciting opportunities in strengthening its competencies and experience from overseas ventures. Pertamina’s participation in West Qurna I contractor consortium is another stepping stone to achieve its vision to become world class energy company.

“This corporate action  is a strategic milestone for Pertamina in expanding its overseas footprints, especially in a country that posses abundant oil and gas resources like Iraq. Pertamina’s overseas expansion is to support the government in sustaining and strengthening Indonesia’s energy security,” said Karen Agustiawan, President and CEO PT Pertamina (Persero).

For latest news on this company’s activities in Iraq please click here.

A full list of International Oil Companies (IOCs) operating in Iraq under licences granted by the Ministry of Oil in Baghdad can be found here.