Pertamina to start Iraq oil exploration in October
Saturday, September 6 2003 - 12:15 AM WIB
Indonesia's national oil and gas company Pertamina plans to begin oil and gas exploration in Iraq next month, investing around US$24 million in the first three years, an official with the company said Friday.
Pertamina has an option to extend its exploration activities by another two years with a further $16 million investment if it fails to complete the work in the first three years, company President Director Baihaki Hakim told reporters.
Iraq's former government awarded the Western Desert block, which is estimated to have 3 million barrels of crude oil, to Pertamina last year.
The U.S.-led military invasion into Iraq that toppled Saddam Husein delayed Pertamina's plan to start exploration in the country in March.
Baihaki said Pertamina is also keen to explore for oil in the Tuba Block, which is estimated to hold larger oil reserves than the Western Desert Block.(*)