Iraq Invites Pertamina to Join Bids to Explore Oil

30 November, 2011 | Source: The Jakarta Post

The Iraqi authorities have invited Indonesian state-run oil firm PT Pertamina to join bids to explore oil blocks in Iraq.

Iraqi Ambassador to Indonesia Ismieal S. Muhsin said Pertamina stood a good chance of exploring oil in Iraq, but it first had to win the related bids.

“We hope Pertamina will take part in the next bids,” Muhsin said Tuesday in Jakarta, as quoted by kontan.co.id.

Kontan earlier reported that Pertamina had previously declared its readiness to explore Iraq′s Western Desert 3 and Tuba blocks.

In April 2002, Pertamina signed a contract to explore and develop the Western Desert 3 block, which is located 300 kilometers southwest of Baghdad and is estimated to contain three billion barrels worth of oil reserves.

The contract stipulated that should Pertamina manage to find oil during three years of geological and seismic studies worth US$24 million in the block, the cooperation would be extended for another two years. The contract’s implementation, however, was disrupted with the US invasion of Iraq that took place in 2003.

Pertamina is also reportedly eyeing the Tuba block, which produces 150,000 barrels of oil per day. To operate the block, however, Pertamina should first compete with three companies: namely, India-based Oil Natural Gas Corp., Algeria-based Algerian Sonatrach and China-based Chinese Petroleum.

 

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