Pertamina deal awaiting new Iranian Cabinet: Deputy Minister

12 August, 2017
Source: Jakarta Post

State-owned oil and gas company Pertamina is awaiting a decision on the new Iranian Cabinet lineup in connection with its agreement to manage the Ab-Teymour and Mansouri Iranian oil fields, the energy deputy minister has said.

“Iran just formed its new cabinet over the weekend. But they have promised us that an announcement [on the oil fields] will be made within four months at the latest,” Energy and Mineral Resources Deputy Minister Arcandra Tahar told reporters on Tuesday after a press conference in Jakarta.

Arcandra had accompanied Maritime Affairs Coordinating Minister Luhut Binsar Pandjaitan of his state visit to Iran from Aug. 5 to Aug. 7, during which he represented President Joko "Jokowi" Widodo at President Rouhani's inauguration.

During the visit, Luhut also sought the Iranian government's commitment regarding Pertamina's development of the two oil fields. President Jokowi also addressed the issue when he visited Iran in December 2016.

In its bid to manage the oil fields, Arcandra admitted that Pertamina was facing tough competition from two contenders: Denmark's Maersk and Russia's Lukoil. “If God allows, we will hear good news,” he said.

In March, Arcandra said the two oils fields have 3 million barrels in proven oil reserves, while Indonesia's proven reserves stood slightly above this figure at 3.8 million barrels.

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