Pertamina Reportedly Canceled Acquisition Of Masela Block, Minister Of Energy And Mineral Resources Says This

JAKARTA - Pertamina's acquisition process from Shell reportedly withdrew from the initial target which is expected to be completed in April 2023.

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif said this process was postponed because he still had to carry out several price negotiations.

However, Arifin ensured that the acquisition process would be completed in early June 2023.

"In early June, we hoped that there would be a decision, there would already be a partner who already had a new consortium," said Arifin, who was met at the ESDM Building, Friday, May 5.

Arifin added that although many foreign companies were interested in joining, he ensured that later only PT Pertamina (Persero) would enter and take over Blok Masela and no other companies would join.

Previously, it was reported that Malaysian oil and gas companies Petronas were interested in managing the Masela Block located in the Tanimbar Islands Islands, Maluku Province, Indonesia.

For this reason, he emphasized that Pertamina is the only candidate who will narrow 35 percent of Shell's replacement rights at the Masela Block consortium with Inpex Corporation.

"It's still Pertamina, still Pertamina," added Arifin.

Just so you know, at the initial POD, Masela's investment value was estimated at 19.8 billion US dollars with an LNG facility capacity of 9.5 Metric Tons Per Annum (MTPA) or the equivalent of 1,600 million cubic feet per day (MMscfd) and pipe gas reaching 150 MMscfd.

In addition, the Masela Block is projected to produce a condensate of 35,000 barrels per day.