Indonesia's state oil firm Pertamina is set to buy a stake in Iraq's giant West Qurna oilfield from Exxon Mobil, joining PetroChina in the USD 50 billion project, industry and Iraqi oil sources said that on Thursday August 22nd 2013.

The deal could be Pertamina's largest foreign acquisition and mark its first move into Iraqi oil and gas production since U S led forces toppled leader Saddam Hussein in 2003.

As things now stand, Pertamina is likely to take a 10% stake in the project at the southern oilfield, now pumping nearly 500,000 barrels per day.

AbdulKarim Luaibi Iraqi oil Minister said US energy giant ExxonMobil Corp has sought Iraqi government approval to sell 35% of its stake in the West Qurna-1 oil field.

Exxon, which holds 60% stake in the oil field, plans to sell 25% stake to PetroChina Co and 10% stake to Indonesia’s Pertamina, he said.


Soran Ali