TANGERANG - PT Pertamina Hulu Energi Binaiya together with consortium partner Petronas Energy Binaiya Sdn. Bhd. and EO Binaiya Pte. Ltd. signed a Cooperation Contract (KKS) or Production Sharing Contract (PSC) in the Binaiya Working Area (WK) with a Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas).
The signing of the PSC WK Binaiya was carried out by the Director of PT Pertamina Hulu Energi Binaiya Muhamad Arifin, Director of Petronas Energy Binaiya Sdn. Bhd. Yuzaini Md Yusof, and Director of EO Binaiya Pte. Ltd. Kim Kyoungjun. Also witnessed the signing of Indonesian President Prabowo Subianto, Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia, Head of SKK Migas Djoko Siswanto, President Director of PT Pertamina Hulu Energi Chalid Said Salim, EVP Upstream Petronas Mohd Jukris Abdul Wahab, and VP Head of SE Asia Business Office SK Earthon Roh Jeongyong.
The signing is part of the government's efforts to increase investment in the energy sector, especially oil and gas, in order to strengthen national energy security and encourage sustainable economic growth.
WK Binaiya is the result of the 2024 Phase 2 Indonesian Petroleum Bidding Round (IPBR) Live Offer. PSC WK Binaiya which is located on the offshore Seram uses the Cost Recovery Scheme with a period of 30 years.
PT Pertamina Hulu Energi Binaiya will be the operator for the work area of 8,483.92 km2.
The Total Commitment Value is definitely USD 6.5 million in the form of Geological and Geophysical Studies (G&G) and 400 Km2 Seismic 3D in the next three years.
Prior to signing the PSC, the Contractor had completed its financial obligations, namely the payment of a 200,000 US dollar signature bonus and handed over the implementation guarantee in accordance with applicable regulations.
Prior to the signing of the PSC, the WK Binaiya consortium consisting of PT Pertamina Hulu Energi Binaiya, Petronas Energy Binaiya Sdn. Bhd. and EO Binaiya Pte. Ltd. have agreed on a joint operations agreement or Joint Operating Agreement (JOA) related to technical cooperation in the management and operation of the Binaiya Working Area located at the Seram offshore.
SEE ALSO:
The signing of the keyterms principles JOA WK Binaiya was carried out by the Director of PT Pertamina Hulu Energi Binaiya Muhamad Arifin, Director of Petronas Energy Binaiya Sdn. Bhd. Yuzaini Md Yusof, and Director of EO Binaiya Pte. Ltd. Kim Kyoungjun.
In his remarks, the Director of PT Pertamina Hulu Energi Binaiya Muhamad Arifin revealed that this collaboration in WK Binaiya is an honor for the Indonesian nation.
"Through this collaboration, hopefully we will succeed in finding hydrocarbon reserves in the future," he said, quoted Thursday, May 22.
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