Pertamina to acquire 10-15% interest in Iraq?s West Tuba field

By Godang Sitompul

Indonesia is set to sign MoUs with Iraq on energy cooperation which includes state-owned oil and gas firm PT Pertamina acquiring a 10-15 percent participating interest in West Tuba oil field, and the import of 65,000 bpd of oil.

Coordinating Minister for Economic Affairs Hatta Rajasa said Wednesday that this is a follow up of the post war economic cooperation between the two countries following a recent visit by President Susilo Bambang Yudhoyono to Iraq. He said that Indonesian officials were set to fly to Iraq late Wednesday to make the follow up.

?We?ll sign MoUs in the energy sector particularly in the upstream side where Pertamina in a business to business (mechanism) will obtain (participating interest) in the West Tuba field, which is a huge field owned by Exxon. With the blessing of the Iraq government, Pertamina will take a 10-15 percent participating interest there,? Hatta said.

He added that Indonesian Vice Minister of Energy and Mineral Resources Susilo Siswoutomo will sign agreement with Iraq?s energy minister for the import of 65,000 bpd of oil to be supplied to Pertamina?s refinery facility.

Editing by Reiner Simanjuntak