JAKARTA - PT Pertamina Hulu Energi (PHE) through its subsidiary PT Pertamina Hulu Energi Masela (PHE Masela) partnered with PETRONAS Masela Sdn. Bhd. (PETRONAS Masela) has completed the acquisition process of 35 percent of Shell Upstream Overseas Services (I) Limited in Blok Masela, so PHE Masela has officially managed 20 percent PI and PETRONAS Masela 15 percent PI in Blok Masela.
The sale and purchase agreement was signed on July 25, 2023 and the approval of the Minister of Energy and Mineral Resources for the transfer of PI was obtained on October 4, 2023.
The Eternal Field in Blok Masela is a deep marine gas field with the largest gas reserves in Indonesia located about 160 kilometers off the coast of Yamdena Island in the Arafura Sea with a sea depth of 400-800 meters. Masela's PSC contract which is valid until 2055 has the potential to produce 9.5 MMTPA (million metric tons per year) LNG and 150 MMSCFD (million cubic feet per day) pipe gas. In addition, Abadi Field is expected to produce condensate production of 35,000 barrels/day.
The concept of developing a new green field (new oil and gas field) that has high complexity and big risks includes deepwater drilling, subsea facilities, FPSO (Floating Production Storage and Offloading), and onshore LNG plant will be a challenge as well as a great opportunity for PHE and its partners to realize it. In addition, this field development also has the potential to absorb up to 10,000 workers.
The Masela Block is also planned to produce clean LNG through the application of Carbon Capture and Storage (CCS) technology to support the Government's program to reduce carbon emissions and support sustainability in the energy transition era.
"Pertamina as a leader in the field of energy transition, is committed to supporting the Net Zero Emission 2060 target by continuing to encourage programs that have a direct impact on the achievement of Sustainable Development Goals (SDGs) such as the Abadi Field development project which will implement CCS," said the President Director of PT Pertamina (Persero), Nicke Widyawati, in a statement, Wednesday, October 18.
As a national energy company, PHE has experience in deep oil, development and gas production activities relevant for the development of the Masela Block. In addition, PHE also has proven experience in the development and operation of LNG refineries and marketing of domestic and international LNGs.
"PHE Masela and PETRONAS Masela will cooperate with INPEX as Blok Masela operators to accelerate the development of the Eternal Field according to the aspirations of the Government," said PHE President Director, Wiko Migantoro.
PHE will continue to invest in upstream oil and gas operations and business management according to ESG principles. PHE has been registered with the United Nations Global Compact (UNGC) as a participant/member since June 2022.
PHE is committed to Ten Universal Principles or Ten Principles from UNGC in its strategy and operations, as part of implementing the ESG aspect. PHE will continue to develop prudent and excellent operation management at home and abroad professionally to realize its achievements as a world-class oil and gas company that Environmentally Friendly, Socially Responsible and Good Governance.
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