REPUBLIKA.CO.ID, REPUBLIKA.CO.ID, JAKARTA -- A subsidiary of PT Pertamina (Persero), PT Pertamina Irak Eksplorasi Produksi, has completed the 10 percent sale of property settlement agreement (asset sales agreement/ASA) with ExxonMobil Iraq Limited in participating interest on the West Qurna I oil block, Iraq.

ExxonMobil remained as the prime contractor controlling 25 percent participating interest in the West Qurna I. The transfer of the right of participation has been approved by the South Oil Company, Oil Exploration Company of Iraq and Shell West Qurna BV, a member of a consortium of West Qurna I contractors.

President Director of PT Pertamina (Persero) Karen Agustiawan said, the acquisition provided an exciting opportunity for Pertamina to strengthen its competence and experience on foreign operation.

Pertamina's participation in consortium of West Qurna I contractors was a stepping stone to achieve the vision of the company into a world-class energy company.

Karen added, the corporate action was a strategic milestone for Pertamina in expanding its business presence overseas, especially in countries with abundant oil and gas resources, such as Iraq.

"Pertamina's expansion abroad is to support the government in maintaining and strengthening the resilience of Indonesia's sustainable energy," he said, Sunday (1/12).

Ed: Nidia Zuraya

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