"We may acquire 10 to 20 per cent share. With ten per cent stake, we are already able to secure 130,000 barrels," State Enterprises Minister Dahlan Iskan said.Jakarta, June 26 (ANTARA) - PT Pertamina plans to take over one of Iraqi oil companies later this year, State Enterprises Minister Dahlan Iskan revealed, in a move that will enable the firm to directly get involved in oil exploration in that country.
"We may acquire 10 to 20 per cent share. With ten per cent stake, we are already able to secure 130,000 barrels," he said at his office here on Tuesday.
He said the step had to be taken after the Iraqi government expressed its unwillingness to hand over its oil field to Pertamina.
"We want oil from Iraq, but Iraq certainly will not just give it to us. We must go there," he said, without revealing the name of the company to be acquired.
Dahlan admitted that Pertamina had recently acquired an oil and gas company, Petrodelta S.A from Venezuela, to strengthen its downstream business abroad. Pertamina had bought 32 per cent share of Petrodelta.
Visiting Iraqi deputy prime minister for energy, Hussain Al-Shahristani, said the Iraqi government planned to invite Pertamina to exploit the existing oil and gas fields in his country.
"Right now, talks are on for Pertamina to participate in the bidding for oil and gas fields there (Iraq)," Al-Sharistani said.
He admitted that Pertamina had expressed its interest to manage an oil block that had already started production.
Iraq now has an oil reserve of 142 billion barrels and a gas reserve of 3.5 trillion cubic meters. Also it has nine extremely large oil fields with a reserve of five billion barrels and 23 big fields with a reserve of one billion barrels.(*)
Editor: Heru Purwanto
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