Petronas’ subsidiary, Petronas Masela Sdn. Bhd. has signed the Sale and Purchase Agreement with Shell Upstream Overseas Services for the acquisition of a 15 percent participating interest in the Production Sharing Contract of the Masela Block (Masela PSC), located in the deep waters of west Arafura Sea, Eastern Indonesia.
The transaction it said 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 where both entities will acquire Shell’s entire 35 percent participating interest in the Masela PSC. PHE also signed its SPA with Shell to take up 20 percent participating interest. INPEX Masela Ltd. (INPEX), the operator of the Masela Block, holds the remaining 65 percent participating interest.
Petronas GCEO, Tan Sri Tengku Muhammad Taufik said, “ Petronas is excited to participate in the Masela Block which is one of the country’s key strategic projects. Our participation underscores the commitment to 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.
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.
