JAKARTA, 25 JULY 2023 – Petroliam Nasional Bhd’s (Petronas) subsidiary, Petronas Masela Sdn. Bhd. today signed the sale and purchase agreement (SPA) with Shell Upstream Overseas Services (I) Limited (Shell) for the acquisition of 15 per cent participating interest in the production sharing contract of the Masela Block (Masela PSC), located in the deep waters of west Arafura Sea, Eastern Indonesia.
Petronas, in a statement today said the transaction is currently pending completion subject to regulatory approval and fulfillment of conditions precedent.
The acquisition was part of a joint bidding collaboration between Petronas Masela and its partner, PT Pertamina Hulu Energi (PHE) where both entities will acquire Shell’s entire 35 per cent participating interest in the Masela PSC.
PHE also signed its SPA with Shell today to take up 20 per cent participating interest. INPEX Masela Ltd. (INPEX), the operator of the Masela Block, holds the remaining 65 per cent participating interest.
A ceremony to mark the signing of the SPA was held during the 47th Indonesian Petroleum Association (IPA) Convention & Exhibition, at Indonesia Convention Exhibition (ICE), BSD City, Tangerang, Indonesia on 25 July 2023.
President and Group CEO of Petronas Tan Sri Tengku Muhammad Taufik said the acquisition marks a significant milestone in Petronas’ portfolio expansion in Indonesia.
“Our participation underscores the commitment in supporting Indonesia’s production target to achieve one million barrels of oil per day and 12 billion standard cubic feet per day of gas by 2030.
The project also provides an opportunity for Petronas to contribute our technical expertise in the development and monetisation of the block, and will further strengthen our global LNG portfolio towards meeting growing demand for lower-carbon energy from Indonesia and across the region,” he said.
Petronas is presently a joint venture partner in six PSCs located both onshore and offshore Sumatra, Natuna Sea, East Java, as well as East Indonesia and is also the operator for the Ketapang PSC, North Ketapang PSC and North Madura II PSC, located offshore East Java.
— Akses Malaysia
Akses Malaysia merupakan satu saluran pengetahuan dan informasi yang disediakan bagi membolehkan pembaca mendapatkankan info-info terkini dalam dan luar negara.
- Akses Malaysia
- Akses Malaysia
- Akses Malaysia
- Akses Malaysia
