Pertamina fails in Iraq oil block tender

State oil and gas firm PT Pertamina has failed to join other world contractors in developing Iraq?s oil reserves, Jakarta Post reported Monday.

Teamed with Malaysia?s Petronas and Vietnam?s PetroVietnam, PT Pertamina Hulu Energi (PHE), a Pertamina subsidiary, eyed to develop the massive West Qurna-2 oil block, but eventually lost.

?Our consortia offered the West Qurna block a high amount, but we lost to the Lukoil-Statoil consortia,? PHE director for overseas business development Dwi Martono said.

Russia?s Lukoil and its partner Norway?s Statoil won the rights to develop the West Qurna-2 block and agreed to produce 1.8 million barrels of oil per day (bpd) from the block. (*)