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Pertamina to acquire oil and gas block in Iraq
State-owned oil and gas giant Pertamina announced on Saturday its plan to invest in an oil and gas block in Iraq.
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Oily business: Chevron Indonesia Company operates an offshore drilling platform on April 23, 2019, in Sepinggan field in the Makassar Strait, 37 kilometers east of Balikpapan, East Kalimantan. The oil and gas industry looks to remain strategic despite the global commitment to net-zero emissions. (JP/Novi Adri)
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tate-owned oil and gas giant Pertamina announced on Saturday its plan to invest in an oil and gas block in Iraq, as it seeks to expand its portfolio in the Middle Eastern country.
Pertamina president director Nicke Widyawati said that the investment would allow the company to own one of the oil and gas blocks in Iraq as well as to provide services to upstream and commercial businesses in the country.
She added that the company is still in discussions with local authorities related to the planned investment.
“There’s a lot of work [to be done], we can bring [our subsidiaries] Elnusa and Pertamina Drilling Services Indonesia [PDSI] to do the work there, not only as owners but we can also provide their services,” she said during a media editor in chief gathering in Bali on Saturday, as Bisnis reported.
Read also: Pertamina looks for alternative oil sources as Mideast conflict escalates
Pertamina has established a presence in Iraq through PT Pertamina Iraq EP (PIREP), which controls a 20 percent participating interest in the West Qurna 1 Block, located in the southern part of Iraq, close to the city of Basra which is 5,400 kilometers southeast of the capital Baghdad.
PIREP operates the block with other foreign partners, namely ExxonMobil Iraq Limited (EMIL), ITOCHU, Petrochina as well as the Oil Exploration Company (OEC) Iraq.
