JAKARTA - PT Pertamina Malaysia Exploration Production (PMEP) together with partners won the auction of the SK510 exploration block through Malaysia Bid Round (MBR) 2023.
MBR is a series of auction activities held annually by Malaysia Petroleum Management (MPM) Petronas, the agency responsible for oil and gas resources in Malaysia.
Participating Interest (PI) holders in the SK510 Block consist of Petronas Carigali Sdn. Bhd. which applies as operator with PI at 40 percent, PMEP and Inpex Malaysia E&P SK510 Sdn.
Bhd each has a PI of 25 percent, and Petroleum Sarawak Exploration & Production Sdn. Bhd has 10 percent PI left.
The SK510 block covering an area of 1,864 km2 located off the coast of Sarawak, Malaysia is a working area in the portfolio for managing PHE's upstream assets, as Pertamina's Upstream Subholding.
This acquisition makes a total of 6 blocks in the management of PMEP. PMEP, a subsidiary of PT Pertamina Internasional Exploration and Production (PIEP), which is affiliated with PHE, manages exploration and gas (oil and gas) activities in the Sabah and Sarawak Malaysia regions with the Production Sharing Contract (PSC) type.
PMEP has Participation Interest in 3 production blocks SK309 (25.5 percent), Block SK311 (25.5 percent), and Block K (24 percent), 2 exploration blocks SK510 (25 percent), SK 314A (25.5 percent), and 1 block of development and exploration Blok H (118 percent except for Ratan Field 24 percent).
PHE's Director of Strategic Planning and Business Development, Danar Dojoadhi, explained that Pertamina continues to strive to strengthen its advantages by taking opportunities that can support the Company's business growth by implementing good Environmental, Social, and Governance (ESG) principles.
"We believe that the management of the SK510 Block can strengthen the PHE footprint in Malaysia in an effort to achieve the Company's target by increasing oil and gas resource growth through exploration assets abroad," said Danar in a statement to the media quoted Wednesday, January 24.
Danar further explained that expanding the working area through new exploration blocks, both domestic and international, is very important to maintain the sustainability of fossil energy resources.
PHE has also completed the acquisition of oil and gas blocks in several working areas, including; Peri Mahakam & Bunga in Eastern Indonesia, East Natuna in the Indonesia-Malaysia-Vietnam border area, and Masela in Maluku.
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