INSIDER NEWS: Indonesian Minister to Provide Extra Push in Securing Iraqi Oil Deals

Posted on 2:55 am, March 14, 2013 by Editor

(The Insider Stories) — Indonesian chief economic minister Hatta Rajasa is leading a team traveling to Iraq Wednesday, hoping to provide an additional push in negotiations to buy a stake in an Iraqi oil field and additional Basra light crude for domestic needs.

“I am leading a contingent of (state oil company) Pertamina and Ministry of State Enterprises officials as part of efforts to push through bilateral agreements with Iraq. We’re following up their invitation for partnerships in energy, telco, and infrastructure developments,” Rajasa told reporters before his departure.

“The government is backing Pertamina in its efforts to buy up to a 20% stake in the West Tuba oil field. The field is currently operated by Exxon, but they already secured another oil block, so, under Iraqi regulations, Exxon needs to sell its stake in West Tuba.”

At the end of 2012, Exxon produced 400,000 barrels of oil a day at the West Tuba field, also known as West Qurna.

Rajasa also said that Pertamina will sign a different agreement to buy 65,000 barrels of Basra light crude during the visit.