Eastern Indonesia Region Conducts First Export of Condensate to International Market Amounting to 1.1 Million of Barrels

Singapore, May 22, 2024 - The Eastern Indonesia Region, part of Pertamina Hulu Energi Subholding Upstream Pertamina, through PT PHE Tomori Sulawesi (PHE TS) and PT Pertamina EP (PEP), has signed a sales agreement for Senoro condensate for 2024. This contract is valued at an estimated USD 75 million, covering a volume of 1.1 million barrels, with the contract period running from May to December 2024.

The signing ceremony was held on Tuesday (April 30) at the Pertamina International Marketing & Distribution Pte Ltd (PIMD) office at One Raffles Place, Singapore.

Senoro condensate is domestically produced from the Senoro Field managed by PHE TS and the Donggi Matindok Field by PEP. Both fields are currently under the PT Pertamina EP Cepu (PEPC) coordination as the manager for the Eastern Indonesia Region.

PIMD, a PT Pertamina Patra Niaga subsidiary, Subholding for Commercial & Trading, is responsible for marketing Pertamina Group products to the international market. Since its establishment in 2019, PIMD has actively marketed Pertamina's products globally, including Fuel Oil and Petrochemical products from the Subholding Refining & Petrochemical, as well as Crude/Condensate products from the Subholding Upstream.

Managing Director of PIMD, Aditya Budi Prabowo, expressed his appreciation for the trust and support of PHE TS and PEP in PIMD's commercialization of Senoro condensate. "I hope this success represents a sustainable synergy between the Subholding Upstream and the Subholding Commercial & Trading and that it sets an example for the future commercialization of crude or condensate," he said.

He hopes that the successful synergy between PEPC and PIMD this time will serve as a reference, especially for SHU and SH C&T, and all Subholdings within the Pertamina Group, to leverage PIMD's presence to enhance the value of Pertamina's products in the international market.

Muhamad Arifin, Director of the Eastern Indonesia Region, said that the sale of Senoro condensate, a collaboration between PHE TS and PEP as the owners of the condensate and PIMD as Pertamina's trading arm, is concrete evidence of the spirit of synergy among the Subholdings within Pertamina Group, meeting stakeholder expectations well.

"This is the first export of Senoro condensate by PHE TS and PEP to the international market since 2017, and all parties have proven that this sales process can run on time with the expected value for all parties within Pertamina Group," he said.

The Eastern Indonesia Region appreciates PIMD's success in commercializing Senoro condensate within the target timeframe and value. Arifin stated that this cooperation is tangible proof of the synergy spirit among the Subholdings. "Hopefully, this breakthrough will open up new synergy opportunities between the Subholding Upstream and Subholding C&T. We thank PIMD, Pertamina's extension in the international market, for successfully commercializing Senoro condensate, generating added value for Pertamina and maintaining production continuity from the Senoro and Donggi Matindok Fields," he said.

Vice President of Corporate Communication of Pertamina, Fadjar Djoko Santoso, said that as a world-class energy company, Pertamina will continue to expand its business in the international market, including in the region.

"Pertamina will continue to develop business opportunities in the global market to realize Pertamina's aspiration of becoming a world-class energy company," said Fadjar.*

GENERAL INFORMATION

Eastern Indonesia Region Subholding Upstream Pertamina manages upstream oil and gas operations geographically spread across East Java, Sulawesi, Maluku Islands, and Papua, consisting of offshore and onshore assets. Additionally, there is one downstream asset, Donggi Senoro LNG. The working areas under the Eastern Indonesia Region include Zone 11 (Alas Dara Kemuning, Cepu, WMO, Randugunting, Sukowati, Poleng, Tuban East Java), Zone 12 (Jambaran Tiung Biru, Banyu Urip), Zone 13 (Donggi Matindok, Senoro Toili, Makassar Strait), and Zone 14 (Papua, Salawati, Kepala Burung, Babar Selaru, Semai).