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.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Assistant
Expertise: Executive
Location: Houston, TX
 
Regional Sales Executive
Expertise: Business Development|Sales
Location: Jacksonville, FL
 
Land Representative - MCBU Midland Surface
Expertise: Landman
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours