Soon To Be Completed, Pertamina Is Ready To Sign A Contract For Managing The Masela Block

Illustration of the Masela Block (Photo: dock. Antara)

JAKARTA - PT Pertamina (Persero) will soon complete the purchase of Shell Indonesia's participation rights or participaling interest (PI) in Blok Masela. Later, Shell's 35 percent participation rights in Blok Masela will be managed by Pertamina.

Minister of State-Owned Enterprises (BUMN) Erick Thohir estimates that the signing of a sales purchase (SPA) or PI sale and purchase agreement will be held next week.

"Hopefully (the SPA next week), we'll wait. So, we'll wait, if it does happen it's part of a corporate action that we really hope there will be sustainability in Pertamina," said Erick to reporters at the Ministry of SOEs, Friday, July 21.

Pertamina's corporate action, said Erick, is part of the development of the oil and gas business in the upstream sector. Through this step, state-owned companies can add business portfolios by exploring new wells.

In line with Shell's participation rights annexation, Erick admitted that he also continues to consolidate Pertamina's assets which are considered potential.

"What does that mean, if we take corporate action upstream, it is nothing but to build new wells or old wells that must be explored again," he said.

"One of them is also the mobilization of the regional business, including investment in Masela, so we are trying to consolidate good assets," he continued.