Pertamina finalizing acquisition of oil, gas block in Iraq

By Godang Sitompul

State-owned oil and gas firm Pertamina is currently in the process of finalizing the planned acquisition of an oil and gas block in Iraq.

Pertamina Upstream Director Muhammad Husein said that good relations between the Indonesian and Iraqi governments should bode well for the company?s plan to acquire the Tuba oil and gas field in Iraq.

The acquisition of the Tuba field forms part of Pertamina?s efforts to acquire overseas assets in a bid help increase the country?s oil production.

Pertamina has already been engaged in the development of an oil and gas block in Iraq called the Western Desert III Block.

Pertamina Vice President for Corporate Communications M. Harun said that his company is seeking for new investment opportunities in Iraq, which is currently in the process of carrying massive development activities.

On Monday, Iraq?s Deputy Prime Minister Husain Ibrahim Saleh Al-Sharistani met with Vice President Boediono to discuss the possibilities of Indonesian companies to participate in the economic development of Iraq including in the energy sector. On Tuesday, both countries are scheduled to sign MoU including on oil and gas sector with Pertamina.

Editing by Reiner Simanjuntak