Tag Archives | Pertamina

China to Buy of Exxon's stake in West Qurna?

By John Lee. The China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are reportedly considering acquiring Exxon Mobil's remaining stake in Iraq's West Qurna 1 oilfield. According to sources cited by Bloomberg, the stake could fetch more than $500 million. ExxonMobil originally had a 60% stake in the field, but sold […]

Iraq to Increase Production at West Qurna 1

By John Lee. Oil production is to increase at the West Qurna 1 oilfield, according to Reuters. The news agency quoted Basra Oil Company (BOC) chief Ihsan Abdul Jabbar as saying on Wednesday that output will rise from 440,000 barrels of crude oil per day (bpd) to 490,000 bpd in the “next few days”. The […]

New Oil Bidding Round Postponed to Mid-2017

By John Lee. The Ministry of Oil is to postpone a bidding round for 12 small- and medium-sized oil fields, following criticism of the plans by experts including IBN Expert Blogger Ahmed Mousa Jiyad. In a statement, the Ministry's Petroleum Contracts and Licensing Directorate (PCLD) said: "Following to the previous Ministry of Oil Announcement dated […]

New Oil Development Opportunities in Iraq

By John Lee. Iraq's Ministry of Oil has requested proposals from international oil companies interestsed in developing a number of small- and medium-sized oil fields. The fields concerned are: Sindebad (Basra governorate); Umm Qasr [Um Qaser] (Basra governorate); Rachi (Basra governorate); Abu Khema (Basra governorate); Kumait (Missan governorate); Noor (Missan governorate); Umara (Missan governorate); Dema […]

Pertamina looks to India to Process Iraqi Crude

By John Lee. According to a report from Reuters, Indonesia's state-owned energy company Pertamina hopes to seal a deal this year with an un-named Indian refiner to process around 1 million barrels of Iraqi crude oil each month. Chief Executive Dwi Soetjipto (pictured) told reporters: "It is better if we purchase the crude and then utilize […]

Capital Gain Tax on IOCs in Iraq

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Many countries impose capital gain tax on individuals, companies and corporations when a profit realized from the sale of assets. National and state legislation often has a large array of fiscal obligations […]

ExxonMobil Sells Stakes in West Qurna I

By John Lee. ExxonMobil signed agreements on Thursday with PetroChina for a 25 percent participating interest in the West Qurna I project in Iraq, and with Indonesia's Pertamina for a 10 percent participating interest in West Qurna I. ExxonMobil retains 25 percent interest and remains lead contractor. The transfer has been approved by the South Oil […]

Exxon to Sell West Qurna Stake

Reuters reports that Exxon Mobil is selling part of its stake in the West Qurna-1 oilfield to PetroChina and Indonesia's Pertamina. Oil Ministers Abdul Kareem Luaibi [Elaibi] told the news agency that 25 percent will go to PetroChina and 10 percent to Pertamina. He added that the deal would be done "maybe after two to […]

Indonesia Buys June-Dec Basra Light Crude

By John Lee. Indonesia has signed a deal with Iraq's State Oil Marketing Organization (SOMO) to buy Basra light crude in the second half of 2013. According to reports from Reuters and Jakarta Globe, Iraq is winning more customers in Asia as it is selling its crude cheaper than comparable grades, undercutting rival Saudi Arabia […]

Pertamina to Buy Stake in West Qurna?

By John Lee. Indonesia's Coordinating Minister for the Economy, Hatta Rajasa (pictured), has said Pertamina is considering taking a stake of up to 20 percent in the West Qurna-I block, which is owned by Exxon Mobil. According to a report from Fox Business, Mr. Rajasa told reporters: "Exxon has got a new oil field in […]