Pertamina and Petronas Acquire Ownership in Masela Block
To our esteemed investors and analysts,
Pertamina's Upstream Subholding PT Pertamina Hulu Energi (PHE) has recently entered into a sale and purchase agreement to acquire ownership of Shell Upstream Overseas Services (SUOS) in the Masela Block. Partnering with PETRONAS through PETRONAS Masela Sdn. Bhd., PHE will jointly hold a 35% stake in SUOS. Within this agreement, PHE will oversee 20% of the ownership, while PETRONAS Masela will manage the remaining 15%.
The signing ceremony, witnessed by key figures, took place during the Indonesia Petroleum Association (IPA) Convention on July 25, 2023.
With extensive experience in offshore oil and gas exploration, Pertamina and its subsidiary PHE are confident in their capabilities to form global partnerships. Moreover, PHE has demonstrated expertise in the development and functioning of the Badak LNG Plant, along with handling both domestic and international LNG marketing, all of which are facilitated through one of its subsidiary companies.
Pertamina's President Director, Nicke Widyawati, highlighted the importance of securing the upstream oil and gas supply to meet national energy demands and emphasized the need for the strategic development of new fields, including the Abadi Field in Masela Block.
The development of the Abadi Field is expected to create significant job opportunities for up to 10,000 workers, positively impacting the economic growth in the East Indonesia region.
Furthermore, we encourage you to visit the Pertamina website to have our latest news and Investor information: https://www.pertamina.com/en/Investor-relations
We sincerely appreciate your continued and profound interest towards Pertamina. If there any questions regarding the following material or anything related to Pertamina’s scope of business, please do not hesitate to contact the Pertamina Investor Relations Team through pertamina_ir@pertamina.com
Best regards,
Pertamina Investor Relations