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  • PETRONAS and PT Pertamina Hulu Energi Acquire 35% Participating Interest in Masela Block, Indonesia
    édité le 25/07/2023 - Plus de news de "Petronas" - Voir la fiche entreprise de "Petronas"

PETRONAS and PT Pertamina Hulu Energi Acquire 35% Participating Interest in Masela Block, Indonesia
PETRONAS’ subsidiary, PETRONAS Masela Sdn. Bhd. (PETRONAS Masela) 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. 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. PETRONAS was represented by its President and Group CEO, Tan Sri Tengku Muhammad Taufik and Executive Vice President and Chief Executive Officer of Upstream, Datuk Adif Zulkifli while Shell was represented by its Director, Finance for Acquisition, Divestment and NBD Asia, Soo Kuo Tong.

Tan Sri Tengku Muhammad Taufik said, “This acquisition marks a significant milestone in PETRONAS’ portfolio expansion in Indonesia. PETRONAS is excited to participate in the Masela Block which is one of the country’s key strategic projects. 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.

We look forward to working closely with our partners PHE, INPEX and SKK Migas towards unlocking the full potential of this asset, while maintaining our strong focus on environmental stewardship and the enrichment of local communities.”

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.

About Petronas

Established in 1974, Petroliam Nasional Berhad (PETRONAS) is a global energy and solutions company, ranked amongst the largest corporations on Fortune Global 500®️. As an integrated global LNG producer with over 37 years of experience, PETRONAS provides an uninterrupted supply of LNG to more than 25 countries around the world. PETRONAS has safely delivered more than 11,000 cargoes globally, sourced from its portfolio of facilities located in Malaysia, Australia and Egypt.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

Origine : Communiqué Petronas

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