Pertamina to buy part of Exxon stake in huge Iraqi oilfield

[Indos]

Pertamina to buy part of Exxon stake in huge Iraqi oilfield-sources​

By Reuters Staff
1 MIN READ

AUGUST 22, 2013
6:18 PM
UPDATED 9 YEARS AGO

LONDON, Aug 22 (Reuters) - 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 $50 billion project, industry and Iraqi oil sources said on Thursday.

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 percent stake in the project at the southern oilfield, now pumping nearly 500,000 barrels per day, the sources said. (Reporting by Peg Mackey; editing by Jason Neely)

Pertamina to buy part of Exxon stake in huge Iraqi oilfield-sources

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 $50 billion project, industry and Iraqi oil sources said on Thursday.

www.reuters.com

 

[Indos]

Exxon Sells 10% Stake in West Qurna-1 to Pertamina​

Copyright © 2023 Energy Intelligence Group

Published:
Tue, Feb 14, 2023
Authors

Indonesia's state-controlled Pertamina has doubled its stake in the giant West Qurna-1 oil field in southern Iraq to 20% by acquiring an additional 10% from Exxon Mobil for an undisclosed sum.

Exxon Sells 10% Stake in West Qurna-1 to Pertamina

Indonesia's Pertamina doubles stake in Iraq's West Qurna-1 oil field by acquiring part of Exxon Mobil's remaining interest.

www.energyintel.com

Iraq’s West Qurna-1: Pertamina To Join BOC In Taking Exxon Stake?​

29 Jul 2022
By:Yesar Al-Maleki

The saga of ExxonMobil’s exit from Iraq’s 470,000 b/d capacity West Qurna-1 oilfield may be drawing to an end. The US firm holds 32.7% in the field alongside CNPC (32.7%), Itochu (19.6%), Pertamina (10%) and Iraq state Oil Exploration Co. (5%). Exxon has sought to sell its stake since January 2021, but Baghdad blocked its planned sale to Chinese firms (MEES, 7 May 2021).

On 19 June Oil Minister Ihsan Ismaael said that state-firm BOC had “taken a Final Investment Decision” on acquiring the stake (MEES, 24 June), but Reuters reports that Pertamina will also be upping its involvement. According to Reuters, BOC will take 22.7%, with Pertamina taking 10% to double its holding in the key field.

Iraq’s West Qurna-1: Pertamina To Join BOC In Taking Exxon Stake?

The saga of ExxonMobil’s exit from Iraq’s 470,000 b/d capacity West Qurna-1 oilfield may be drawing to an end. The US firm holds 32.7% in the field alongside CNPC (32.7%), Itochu (19.6%), Pertamina (10%) and Iraq state Oil Exploration Co. (5%). Exxon has sought to sell its stake since January...

www.mees.com

 

[Indos]

November 22, 2022
3:29 PM GMT+7
Last Updated 3 months ago

Indonesian Pertamina's shipping unit plans up to $3bln investment for vessels​

Reuters

JAKARTA, Nov 22 (Reuters) - Pertamina International Shipping, a unit of Indonesia's state energy firm, aims to invest up to $3 billion over the next five years to rejuvenate and expand its fleet, including investing in vessels to transport liquefied natural gas, an executive said.

Pertamina International Shipping (PIS) operates more than 400 vessels, including three very large crude carriers (VLCC) and two very large gas carriers (VLGC).

"We will invest big in replacing vessels," Wisnu Santoso, a director at PIS told reporters on Tuesday. "We want to reduce the average age of our fleet within the next five years to 15 years from currently at around 20 years."

The company is also planning to acquire vessels for LNG transportation, which it currently does not have in its portfolio, as demand for the fossil fuel, which is considered less polluting than others, is expected to increase.

He acknowledged that shipping yards are at full capacity now and building new vessels could be expensive due to high demand, but the company is open to purchasing existing vessels as long as they still have good economic value.

PIS in October signed an initial agreement for strategic partnership with Japan's shipping company Nippon Yusen Kaisha (NYK) with potential collaboration for LNG logistics business on domestic or international routes, the company said last month.

Indonesian Pertamina's shipping unit plans up to $3bln investment for vessels

Pertamina International Shipping, a unit of Indonesia's state energy firm, aims to invest up to $3 billion over the next five years to rejuvenate and expand its fleet, including investing in vessels to transport liquefied natural gas, an executive said.

www.reuters.com

 

[Indos]

Getting more Expansive, PIS Will Acquire 14 New Vessels in 2023​

NEWS - Firda Dwi Muliawati, CNBC Indonesia
20 February 2023 13:30

Jakarta, CNBC Indonesia - PT Pertamina International Shipping (PIS), Pertamina's Integrated Marine Logistics Subholding, revealed that it will acquire up to 14 ships carrying oil and gas (oil and gas) in 2023.

Main Director of PT PIS Yoki Firnandi said that his party would add as many as 12 to 14 new ships or second hand ships, aka used ships this year.

According to him, the addition of this ship was also triggered because the company's target is to be able to grow more, so it must be aggressive in investing, one of which is investment in ship procurement.

According to him, the vessels to be acquired will be able to transport crude oil with a capacity of 1 million barrels, then Liquefied Natural Gas (LNG) vessels with a capacity of 175 thousand m3, and other energy commodities.

To support this plan, the company will increase its capital expenditure (capex) to US$ 300 million or around Rp 4.5 trillion (assuming an exchange rate of Rp 15,171 per US$) this year.

"To grow, we have seen several ways and one of them is we have to be more aggressive in investing. Specifically for 2023, we have allocated a certain amount of capex to invest. For ships alone, we plan to acquire 12-14 new or second hand ships in 2023. At least 300 million USD Capex is needed in 2023. US$ 300 million only for ships," Yoki told CNBC Indonesia in the Energy Corner program, Monday (20/2/2023).

He admitted that the planned capital expenditure of up to US$ 300 million this year would not only come from the company's internal cash, but also needed external funding, such as from domestic and international banks.

"The capex that we have allocated ourselves is 300 million dollars, but it is not enough, because we still need support from bank lenders for this investment. Indeed, we have received support from many domestic and foreign banks that have partnered with PIS in recent years," he explained.

As an illustration, during the four years Pertamina International Shipping was founded, the company has owned a total of 750 ships. Apart from owned vessels, PIS also manages time charters and spot charters that can be rented through e-chartering.

"You could say PIS is the largest ship operator in Asia because of the ownership of 700 ships. This was after we joined to become Integrated Marine Logistics (Subholding)," said Director of Operations Pertamina International Shipping, Brilian Perdana, Tuesday (27/12/2022).

To support the company's performance in 2023, apart from domestic ship operations, PIS will also encourage optimization of branch offices in Singapore and Dubai.

"Two branch offices will increase revenue next year. PIS Singapore's revenue this year is already US$ 230 million. It is hoped that the combined Singapore and Middle East (Dubai) will exceed US$ 300 million next year," he stated.

Makin Ekspansif, PIS Bakal Akuisisi 14 Kapal Baru di 2023

PT Pertamina International Shipping (PIS) mengungkapkan akan mengakuisisi hingga 14 kapal migas pada 2023 ini.

www.cnbcindonesia.com

 

[Indos]

Indonesia close to Abadi LNG deal with Pertamina, says minister​

Pertamina Badak LNG facility

Credit: REUTERS/AJENG DINAR ULFIANA
By Katya Golubkova

TOKYO, March 3 (Reuters) - The Indonesian government hopes discussions with state energy company Pertamina over its acquisition of Shell's SHEL.L stake in the Abadi liquefied natural gas (LNG) project will be finalised in the first half of this year, a senior energy official said on Friday.

Indonesia has long sought an investor to take over Shell's 35% stake in what is also known as the Masela gas project after the company announced its intention to withdraw. Japanese energy company Inpex Corp 1605.T leads the project with a 65% stake.

"Pertamina will be one of the consortium members to execute the project ... I hope (discussions will finalise) soon – in the next couple of weeks, next couple of months," Indonesian energy minister Arifin Tasrif told reporters.

Inpex has yet to submit a revised development plan for the Abadi project to include a carbon capture and utilisation and storage facility, which is expected to add more than $1 billion to the total cost of about $20 billion.

Asked when Inpex is expected to submit the revised plan and when production could start, Tasrif said "they have to accelerate and improve the speed".

The Abadi project is designed to produce 9.5 million tonnes of LNG per year and is expected to begin operations in 2027, according to the development plan approved in 2019, but authorities have since said it could be delayed by two years.

(Reporting by Katya Golubkova Editing by David Goodman)
((ekaterina.golubkova@thomsonreuters.com))

https://www.nasdaq.com/articles/indonesia-close-to-abadi-lng-deal-with-pertamina-says-minister

 

[Indos]

Pertamina Upstream Energy Production at 575 Thousand Barrels of Oil per Day at the Beginning of This Year​

News from coilBUSINESS • 14 minutes ago


PT Pertamina Hulu Energi, a subholding of PT Pertamina (Persero) in the upstream oil and gas sector, recorded oil production exceeding the target of reaching 575 thousand barrels per day as of March 2023 or the first quarter of 2023.

The worker transport ship docked at the Pertamina Hulu Energi (PHE) Offshore North West Java (ONWJ) Bravo Flow Station Platform, off the north coast of Subang, Java Sea, West Java, Sunday (2/4/2023). Photo: Aditya Pradana Putra/Antara Foto© Provided by Coil


President Director of PHE, Wiko Migantoro, said the company targets an increase in production in 2023 to reach 5 percent compared to the realization in 2022, reaching 595,000 barrels of oil per day.

"Until the first three months, the production we achieved was 575 thousand barrels of oil per day or 2 percent above the target year to date," he said during a meeting with Commission VII of the House of Representatives, Monday (10/4).

Wiko explained, the realization consisted of 424 thousand barrels per day coming from domestic production contributions and the remaining 151 thousand barrels coming from international production.

Likewise with gas, he continued, the PHE gas production target in 2023 is 5 percent higher than the realization of 2022 to 2,763 million standard cubic feet per day (MMSCFD). "Until March 2023, our production realization is 6 percent above the target set in RKAP, in barrel oil per day our production realization is 4 percent above the year to date 2023 target," explained Wiko.

Wiko explained, to support the production target, PHE increased exploration activities from the realization from last year which was only 17 wells, to 32 wells, namely 28 wells from domestic and 4 wells from international.

Then, he added, PHE plans to drill 943 exploration wells compared to the realization in 2022 which was only 689 exploration wells, where until the first quarter of 2023 the realization of PHE drilling reached 169 exploration wells.

Likewise, with workover activities, the company's target in 2023 is 688, greater than the realization in 2022 of 639, with realization in the first quarter of 2023 reaching 169 workover activities.

Finally, namely well intervention and well services (WIWS), the company's target can reach 30,159 activities this year, greater than the realization of 2022 which was only 29. 316. Wiko said that the realization of WIWS in the first quarter of 2023 was 7,176 WIWS activities.

Wiko revealed that the capital expenditure (capex) prepared by PHE always increases from year to year, where the realization in 2022 is USD 3.2 billion, while the target in 2023 reaches USD 5.7 billion. The realization of PHE's capex as of the first quarter of 2023 is USD 431 million.

"To support these activities, we are assisted by 73 drilling rigs throughout Indonesia, and there are 133 well intervention rigs and it is expected that by 2023 our production contribution will be 68 percent in oil and 44 percent in gas," he concluded.

MSN