Indonesian Minister in Iraq to Snap Up Exxon Field

JAKARTA - An Indonesian minister said Wednesday he was visiting Iraq later on in the day to help state-owned oil and gas company PT Pertamina acquire a stake in an oil block and also secure an additional 65,000 barrels of Basra light crude.

Indonesia's Coordinating Minister for the Economy Hatta Rajasa said Pertamina is eyeing up to a 20% stake in the West Tuba block in Iraq, which is owned by Exxon Mobil Corp.

"Exxon has got a new oil field in another part of Iraq and because of that it has to sell its stake in the West Tuba as required by the regulation set by the government of Iraq," Mr. Rajasa told reporters.

Pertamina has been seeking to buy oil blocks outside Indonesia to help secure its energy supply, but its attempts haven't been very successful.


Copyright (c) 2012 Dow Jones & Company, Inc.


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