JAKARTA (Yosefardi) – State oil and gas company PT Prertamina has completed the acquisition of 10% interest of West Qurna-1 block in Iraq from Exxon Mobil Iraq Limited.
The acquisition was made through its unit, PT Pertamina Irak Eksplorasi Produksi. The conversion of that 10% interest has been approved by South Oil Company, Oil Exploration Company Iraq and Shell West Qurna BV as member of West Qurna-1 contractors consortium.
Now, ExxonMobil holds 25% interest in West Qurna-1 block with expexted oil and gas reserves of 9 billion barrels. Now, the block produces 500,000 barrels per day and the production will reach 900,000 barrels per day by 2015.