Tuesday, July 16, 2024

PIEP opens Middle East branch in search of new oil & gas blocks

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Gusty da Costa

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PT Pertamina International EP (PIEP) − an international upstream subholding of the State oil and gas company Pertamina − has expanded its operation in the Middle East, opening a branch office in Dubai, the United Arab Emirates, on Tuesday, July 2, 2024.

President Director of PT Pertamina, Nicke Widyawati, expects that the branch office in Dubai can be a vehicle for PIEP to expand and create opportunities for exploring new oil and gas blocks in the Middle East.

“We hope that this new branch office will not only increase the number of physical amenities, but can also provide added value in terms of intangible and tangible benefits,” Nicke said in a statement as quoted on Wednesday, July 3, 2024.

She also expressed hope that the Dubai branch office could provide ease in getting information related to international assets, support cost optimization of the Jakarta – Dubai operational activities so that Pertamina could act faster in capturing business opportunities in the future, and serve as an extension of Pertamina’s business development.

“The opening of this office is not only to strengthen operational capabilities, but also to build Pertamina’s business expansion group, to set up Pertamina’s supply chain, as well as to serve as a hub for human resources development,” Nicke said.

Chalid Said Salim, President Director of Pertamina Hulu Energi, as Upstream Subholding, cited that PIEP’s contribution to oil and gas production is around 20 percent to the upstream subholding.

“This Dubai branch office will expectedly facilitate communication and coordination with partners, simultaneously bring Pertamina’s upstream subholdings to participate in overseas projects, and complement their efforts in optimizing the domestic sector,” Chalid said.

President Director of PIEP, Jaffee A. Suardin, said that initial talks on new investment in oil and gas block projects had been held with the Iraqi upstream oil and gas authorities.

“We have invited the Iraqi upstream oil and gas authority to come to Indonesia, to see Pertamina’s business overview directly. Exploration and communication with the Iraqi upstream oil and gas authority has been positive so far,” Jaffee said.

The Dubai branch office is PIEP’s third overseas representative after PT Pertamina Algeria EP (PAEP) in Algeria and PT Pertamina Malaysia EP (PMEP) in Kuala Lumpur.

Geographically, the opening of the Dubai office makes time difference shorter that it can more massively target opportunities in the Middle East, Africa, Europe and America.

In the Middle East region, Pertamina has operated in Iraq through 20 percent participating interest in the West Qurna 1 Block, and has contributed around 70 percent of PIEP’s total production. The oil block is located in southern Iraq, close to the city of Basra, 400 kilometers southeast of the capital Baghdad.

In its operations at West Qurna 1 Block, Pertamina partners with Petrochina, ITOCHU, Basra Oil Company and Oil Exploration Company.

Gusty da Costa

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Editor

 

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