Pertamina Hulu Borneo And Eni Officially Manage WK Peri Mahakam

JAKARTA - PT Pertamina Hulu Borneo and Eni Peri Mahakam Ltd officially become managers of the Peri Mahakam Working Area (WK).

This collaboration was marked by the signing of a cooperation contract on May 30, 2023. Pertamina Hulu Energi (PHE) President Director Wiko Migantoro explained that Eni would later become an operator during the exploration period, then Pertamina would become an operator for the development period.

"The cooperation contract between WK Peri Mahakam will be valid for 30 years using the cost recovery scheme," he told the media, Friday, July 14.

The investment value of Commitment must be the first three years of exploration, which includes the study activities of G&G, acquisition and processing of 150 km2 3D seismic data, as well as drilling an exploration well.

"PHE is committed to implementing all the knowledge and best practices that the company already has, especially in the experience of oil and gas operations in the East Kalimantan region, in an effort to accelerate the discovery of strategic gas reserves in the exploration of WK Peri Mahakam," continued Wiko.

Located off the coast and mainland East Kalimantan, WK Peri Mahakam has a strategic position with great potential to synergize with other oil and gas fields around it which are also operated by Pertamina and Eni.

Not only limited in the upstream sector, continued Wiko, positive synergy is also expected to be done with Bontang LNG and Balikpapan Refinery which requires additional supplies of oil and natural gas in the midst of a decline in existing field production.

"With the success of obtaining WK Peri Mahakam, Pertamina and Eni have proven themselves as important players in Indonesia, especially the East Kalimantan region," he said.

Then, the experience and capability that has been built in managing oil and gas fields in the area will be an important asset to ensure success in managing WK Peri Mahakam.

This also shows Pertamina's commitment to maintaining a reliable energy supply for the country, as well as playing a role in economic development and community welfare in the East Kalimantan region.

Pertamina Hulu Borneo is an affiliate of Pertamina Hulu Energi, as Pertamina Upstream Subholding.

PHE will continue to invest in upstream oil and gas operations and business management in accordance with Environment, Social, Governance (ESG) principles, to support the Government's target of achieving oil production of 1 Million BOPD and gas production of 12 BCFD by 2030.

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 the UNC in its strategy and operations, as part of implementing the ESG aspect.

PHE will continue to develop operating management at home and abroad with a professional operation excellence to realize the achievement of becoming a world-class oil and gas company that is Environmentally Friendly, Socially Responsible and Good Governance.