Pertamina Internasional EP Successfully Adds 10% Participating Interest in Iraq

Jakarta, February 16, 2023 - PT Pertamina Hulu Energi (PHE), as Subholding Upstream through PT Pertamina Internasional EP (PIEP), plays a significant role in cooperation with foreign partners, especially in the field of Oil and Gas Exploration and Production operating on 4 (four) continents and 12 (twelve) countries. One is an oil and gas operation in Iraq, which has one of the world's largest oil and gas reserves.

PIEP, Pertamina's Regional International Subholding Upstream, through its direct subsidiary, PT Pertamina Iraq EP, has purchased 10% Participating Interest (PI) from ExxonMobil Iraq Limited (EMIL). The field operated by EMIL as the Lead Contractor is in the southern part of Iraq, close to the city of Basra, which is 400 km southeast of the capital Baghdad.

Since obtaining cooperation contracts in several countries, PIEP has committed as a partner who has added value in various aspects of operations and prioritizes active collaboration with multiple partners in all of its operations. In its operations in West Qurna 1, PIREP, as a direct subsidiary of PIEP, partnered very harmoniously with EMIL, ITOCHU, PetroChina, and Oil Exploration Company (OEC) Iraq. It is proven by the 10% PI purchase at the end of 2022.

Wiko Migantoro, President Director of Pertamina Hulu Energi as Subholding Upstream Pertamina, expressed his gratitude to all stakeholders who have helped. "All the main stakeholders in Iraq continue to place their trust in Pertamina to continue its existence as an important partner in the management of the West Qurna 1 operating field," said Wiko.

While John Anis, President Director of PIEP, emphasized, "With a total of 20% PI, Pertamina's role as a partner that has good performance, is reliable and continues to grow to carry out active cooperation with all partners, especially EMIL in supporting its work program to develop West Qurna 1 to achieve its best potential in producing oil in the field and continue to provide added value to other partners."

John Anis added, "In 2023 and in the future, PIEP can ensure that this acquisition can provide additional production to Pertamina's Upstream Subholding of 100,000 bopd, and it is hoped that this production can continue to increase in accordance with the potential of the West Qurna 1 field".

"With the spirit of Go Global, Pertamina believes that with a strong commitment to continue to grow and develop, it will strengthen its position as a World Class National Energy Company," concluded Wiko.**