The Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif was very angry with the behavior of the British oil company sHELL. As of today, sHELL does not want to release its 35% participating interest (PI) shares in the Masela Block.
sHELL has declared that it has run away from working on an oil and gas mining project in the Masela Block. With the PI not being released, the project has been stuck to this day and is very detrimental to Indonesia.
Even though Inpex Japan is very interested and able to work on this jumbo project.
The Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif was very angry with the behavior of the British oil company, sHELL. The reason is, to this day the company does not want to release its participating interest (PI) in the Masela Block.
Arifin said that because of Shell's actions, Indonesia felt disadvantaged, because if the oil and gas mining project in the Masela Block was carried out, it would produce gas of 1,600 million standard cubic feet per day (MMSCFD) or the equivalent of 9.5 million tonnes of LNG per year (MTPA) and pipeline gas of 150 MMSCFD, as well as 35,000 barrels of oil per day.
The Masela Block is being worked on by a Japanese company, namely Inpex Corporation as the operator with a 65 percent stake and the remaining 35 percent is held by Shell Upstream Overseas Services. Everything should be handed over to Japan because sHELL is just playing around and not being serious.
Arifin continued, if by 2024 there is no activity in the Masela Block, then the government will take over the Abadi gas field development project.
This is based on the provisions in the Masela Block development plan or Plan of Development (PoD).
The Masela block is an oil and gas mine located in the Aru Sea and has been explored since 1998. This project requires a very large capital expenditure (capex), estimated at US$ 20 billion. So it will be difficult if a single investor develops this block without a shareholder partner.
The Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said PT Pertamina (Persero) had now agreed to form a consortium to run the oil and gas project to replace sHELL.
The Masela Block has been finalized with Petronas. So SKK Migas has discussed the deal with Petronas, if the price is right, give it immediately, this year it can be done," said Luhut.
Luhut also explained that there were no problems with the process of purchasing Shell's participating interest (PI), it's just that the price bidding process at the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) took a long time because Shell tried to extort Indonesia.
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