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Jakarta Post

Pertamina to take over Iran’s Mansouri field early May

  • News Desk

    The Jakarta Post

Jakarta   /   Wed, March 28, 2018   /   03:15 pm
Pertamina to take over Iran’s Mansouri field early May State-owned energy firm Pertamina's upstream director Syamsul Alam ( Ika)

The Iranian government has set a deadline of early May for Indonesia’s state-owned energy giant Pertamina to seal the deal for developing Iran’s Mansouri oil field.

Pertamina claims it has secured the Iranian government’s nod to be the operator of the Mansouri field, in which the company is expected to control an 80 percent interest, while the rest will be owned by an Iranian partner.

However, Pertamina upstream director Syamsu Alam said his side was still looking for partners to jointly develop the field, as it would be too risky to control the 80 percent interest alone.

“We want to seal this deal as soon as possible, but we need to find partners first,” Syamsu said Wednesday.

“The Iranian government then gave us leeway by allowing us to sign the contract first [as the 80-percent owner] in early May, before letting other partners join in the project later. One thing is for sure, the deal should be done before the start of the Muslims’ fasting period [in mid-May].”

Syamsu said there were several prospective partners to team up with Pertamina in developing the Mansouri field, though he shared no further details about this.

After taking over the operatorship of the Mansouri field, Pertamina expects to gradually increase the field’s oil production to 250,000 barrels of oil per day (bopd) within five years from only around 60,000 bopd at present.

Syamsu previously said Pertamina would need to spend around US$6 billion to develop the field over a 20-year period. (bbn)