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Pertamina Seeks to Invest in Iraq Oil Fields to Boost Supply

PT Pertamina, Indonesia’s state-owned oil company, is seeking to buy stakes in at least two fields in Iraq to secure crude supply, according to President Director Karen Agustiawan.

The company may acquire 10 percent shares in an area that produces 2.5 million barrels a day and another that pumps 1.8 million barrels, Agustiawan told reporters in Jakarta today during meetings between Iraqi and Indonesian government officials. Pertamina also plans to resume operations in the Block-3 Western Desert acreage, she said. The company obtained rights to the field, which is in an exploration stage, in 2002, it said in a statement.

Indonesia, which left the Organization of Petroleum Exporting Countries in 2009 after becoming a net crude importer because of diminishing domestic production, is seeking supplies from overseas through acquisitions.

“If we can have 10 percent shares in each field, we could supply 180,000 barrels and 250,000 barrels for Indonesia’s energy security,” Agustiawan said. The company still needs to negotiate with the operators of the fields and obtain approval from the Iraqi government, she said.

Under a memorandum of understanding signed today, the Indonesian government asked Iraq to help Pertamina resume the development of Block-3 and to obtain rights for the Tuba field, Pertamina said in an e-mailed statement.

Iraq welcomes Indonesian companies to develop the nation’s oil fields and work with other international producers in the Middle East country, Deputy Prime Minister Hussain al-Shahristani told reporters in the Indonesian capital.

“We will put Indonesia on our priority list to meet their requirements for any crude oil imports in the future,” al-Shahristani said.

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