Pertamina to start oil exploration in Iraq<\/p>\n
Associated Press, Jakarta<\/p>\n
Indonesia's state-owned Pertamina oil company will restart an
\noil and gas exploration project in Iraq interrupted earlier this
\nyear by the U.S.-led attack on that nation, said a statement
\nreceived on Thursday.<\/p>\n
\"We are very pleased to finally begin exploration in Iraq and
\nto open an office in Baghdad,\" Pertamina's president Baihaki
\nHakim said in the company statement.<\/p>\n
Pertamina will invest around US$24 million in the first three
\nyears in the Western Desert block, it said. It has an option to
\nextend its exploration activities by another two years with a
\nfurther $16 million.<\/p>\n
A Pertamina spokesman said the company received clearance from
\nIraq's Oil Ministry last week to restart the project in November.<\/p>\n
\"We have the green light,\" said Mochamad Harun. \"A contract is
\na contract and must be fulfilled.\"<\/p>\n
Former Iraqi President Saddam Hussein last year awarded the
\ncontract to Pertamina for the Western Desert Block 3, located 150
\nkilometers south of Baghdad, which is estimated to have three
\nbillion barrels of crude oil.<\/p>\n
The exploration and production contract was ratified by
\nSaddam's rubber-stamp parliament last October. The contract
\nstated that work was supposed to have started within six month by
\nApril, but it was delayed because of the invasion and occupation
\nof Iraq.<\/p>\n
When Saddam was toppled, Pertamina expressed concern that the
\nnew U.S.-sponsored government would revoke the contract, after
\nhaving reportedly suspended contracts with Russia and China.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pertamina-to-start-oil-exploration-in-iraq-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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