Pertamina and Petronas Acquire 35 Percent Ownership of Shell in the Masela Block
President Director of PT Pertamina Hulu Energi (PHE) Wiko Migantoro signed a Purchase Agreement for the Ownership of the Masela Block. PHE in collaboration with Petronas acquired Shell's 35% ownership in the block. At the same time, Pertamina Main Director Nicke Widyawati signed an MoU Strategic Partnership for Masela Block Development with Inpex.
The two signings were carried out at the opening of the Indonesian Petroleum Association (IPA) Convention & Exhibition held at the International Conference and Exhibition Center (ICE), BSD, Tangerang, Banten, Tuesday (25/7/2023).
PT Pertamina (Persero) through Subholding Upstream PT Pertamina Hulu Energi (PHE) signed a sale and purchase agreement for the acquisition of ownership of Shell Upstream Overseas Services (I) Limited (SUOS) in the Masela Block. In this case, PHE is working with PETRONAS through PETRONAS Masela Sdn. Bhd. (PETRONAS Masela) took over 35 percent ownership of SUOS in the block.
PHE will manage 20 percent of the ownership, while the remaining 15 percent will be managed by PETRONAS Masela because Shell does not have the money to carry out oil and gas exploration in the Masela block.
The signing of the sale and purchase agreement for ownership of the Masela Block was carried out by PHE Main Director Wiko Migantoro, Deputy Executive President and Chief Executive Officer of PETRONAS Upstream Datuk Adif Zulkifli, as well as Director of Finance for Acquisition Divestment and NBD Asia Pacific Shell Kuo Tong Soo.
The signing was carried out at the opening ceremony of the Indonesia Petroleum Association (IPA) Convention in Tangerang, Banten, Tuesday (25/7/2023).
The event was witnessed by Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif, Director General (Dirjen) of Oil and Gas (Migas) Tutuka Ariadji, Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Dwi Soetjipto, Main Director of Pertamina Nicke Widyawati, and President and Chief Executive Officer of the PETRONAS Group Tan Sri Tengku Muhammad Taufik.
President Director (Director) of Pertamina Nicke Widyawati said that a commitment to maintaining oil and gas supplies from the upstream side was needed to meet national energy needs.
PHE as Pertamina's Upstream Subholding has long experience in deep-sea oil and gas exploration, development, and production activities, both in Indonesia and abroad.
In addition, PHE through one of its subsidiaries also has proven experience in the development and operation of the Badak Liquefied Natural Gas (LNG) Refinery as well as domestic and international LNG marketing. Nicke said PHE's capability and reliability were strong evidence that Pertamina as a State-Owned Enterprise (BUMN) could build cooperation with global partners.
In addition, Nicke Widyawati said the Masela Block Abadi Field would potentially require 10,000 workers in the future. The development of the Masela Block is expected to help accelerate the development of local areas so that it can create new jobs and can require a lot of local workers.
This development is also expected to have a direct impact on economic development in the Eastern Indonesia region. Pertamina as a leader in the field of energy transition is committed to supporting the Net Zero Emissions 2060 target by continuing to encourage programs that have a direct impact on the achievement of the Sustainable Development Goals (SDGs).
All of these efforts are in line with the implementation of environmental, social, and governance (ESG) in all of Pertamina's business lines and operations.
President Director of PT Pertamina Hulu Energi (PHE) Wiko Migantoro signed a Purchase Agreement for the Ownership of the Masela Block. PHE in collaboration with Petronas acquired Shell's 35% ownership in the block. At the same time, Pertamina Main Director Nicke Widyawati signed an MoU Strategic Partnership for Masela Block Development with Inpex.
The two signings were carried out at the opening of the Indonesian Petroleum Association (IPA) Convention & Exhibition held at the International Conference and Exhibition Center (ICE), BSD, Tangerang, Banten, Tuesday (25/7/2023).
PT Pertamina (Persero) through Subholding Upstream PT Pertamina Hulu Energi (PHE) signed a sale and purchase agreement for the acquisition of ownership of Shell Upstream Overseas Services (I) Limited (SUOS) in the Masela Block. In this case, PHE is working with PETRONAS through PETRONAS Masela Sdn. Bhd. (PETRONAS Masela) took over 35 percent ownership of SUOS in the block.
PHE will manage 20 percent of the ownership, while the remaining 15 percent will be managed by PETRONAS Masela because Shell does not have the money to carry out oil and gas exploration in the Masela block. The signing of the sale and purchase agreement for ownership of the Masela Block was carried out by PHE Main Director Wiko Migantoro, Deputy Executive President and Chief Executive Officer of PETRONAS Upstream Datuk Adif Zulkifli, as well as Director of Finance for Acquisition Divestment and NBD Asia Pacific Shell Kuo Tong Soo.
The signing was carried out at the opening ceremony of the Indonesia Petroleum Association (IPA) Convention in Tangerang, Banten, Tuesday (25/7/2023).
The event was witnessed by Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif, Director General (Dirjen) of Oil and Gas (Migas) Tutuka Ariadji, Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) Dwi Soetjipto, Main Director of Pertamina Nicke Widyawati, and President and Chief Executive Officer of the PETRONAS Group Tan Sri Tengku Muhammad Taufik.
President Director (Director) of Pertamina Nicke Widyawati said that a commitment to maintaining oil and gas supplies from the upstream side was needed to meet national energy needs.
PHE as Pertamina's Upstream Subholding has long experience in deep-sea oil and gas exploration, development, and production activities, both in Indonesia and abroad.
In addition, PHE through one of its subsidiaries also has proven experience in the development and operation of the Badak Liquefied Natural Gas (LNG) Refinery as well as domestic and international LNG marketing. Nicke said PHE's capability and reliability were strong evidence that Pertamina as a State-Owned Enterprise (BUMN) could build cooperation with global partners.
In addition, Nicke Widyawati said the Masela Block Abadi Field would potentially require 10,000 workers in the future. The development of the Masela Block is expected to help accelerate the development of local areas so that it can create new jobs and can require a lot of local workers.
This development is also expected to have a direct impact on economic development in the Eastern Indonesia region. Pertamina as a leader in the field of energy transition is committed to supporting the Net Zero Emissions 2060 target by continuing to encourage programs that have a direct impact on the achievement of the Sustainable Development Goals (SDGs).
All of these efforts are in line with the implementation of environmental, social, and governance (ESG) in all of Pertamina's business lines and operations.
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