Go Global Spirit, Pertamina Internasional EP has Successfully Adds 10% Participating Interest in Iraq

JAKARTA – PT Pertamina Internasional EP (PIEP) plays a key role in cooperating with foreign partners, especially in the field of Oil and Gas Exploration and Production, which operates in 4 (four) continents and 12 (twelve) countries, with the oil and gas operation in Iraq has one of the largest oil and gas reserves in the world.

PIEP as a Regional International Subholding Upstream in Pertamina, through its direct subsidiary, namely - PT Pertamina Iraq EP has purchased additional 10% Participating Interest (PI) from ExxonMobil Iraq Limited (EMIL), which lead to our total ownership up to 20% in the field. The West Qurna 1 field operated by EMIL as the Lead Contractor is in the southern part of Iraq, close to the city of Basra which is 5400 km southeast of the capital Baghdad.

Since obtaining cooperation contracts in several countries, PIEP has carried out its commitment as a partner who has added value in various aspects and prioritizes active collaboration with all partners throughout its operations. PIREP as a direct subsidiary of PIEP cooperates commendably with EMIL, ITOCHU, Petrochina and Oil Exploration Company (OEC) Iraq. This fruitful cooperation is evident by the execution of the 10% PI purchase in January 2023, then the estimation completion of the purchase in July 2023.

Wiko Migantoro, as CEO of Pertamina Hulu Energi as Subholding Upstream Pertamina, expressed his gratitude to all stakeholders that has lended their support. "All the main stakeholders in Iraq continue to place their trust in Pertamina to continue its existence as an important partner in managing the West Qurna 1 operating field," said Wiko.

While John Anis, Main Director of PIEP also emphasized, "With a total of 20% PI, Pertamina's role as a partner with good performance, is reliable and continues to grow to carry out active collaboration with all partners, especially EMIL in supporting its work in developing the West Qurna in order to enhance oil production within the field, and continue to provide added value to other partners.”

"In 2023 and in the future, PIEP can ensure that this acquisition can provide additional production to Pertamina's Upstream Subholding of 48,000 bopd and it is hoped that this production can continue to increase in accordance with the potential of the West Qurna 1 field," John Anis added.

"With the spirit of Go Global, Pertamina believes that its strong commitment to continue to grow and develop will strengthen its position as a World Class National Energy Company," concluded Wiko Migantoro, as CEO of Pertamina Hulu Energi as Subholding Upstream Pertamina.