Managing 35% of Masela, Pertamina-Petronas Will Form a Consortium

Photo: Masela Block (Doc.Reuters)


Jakarta, CNBC Indonesia – It is possible for PT Pertamina (Persero) and Malaysian oil and gas company Petronas to form a consortium to manage Shell’s 35% stake in the Abadi Gas Field, Masela Block, Maluku.

This was said directly by the Head of the Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas), Dwi Soetjipto, on Wednesday (25/1/2023)

The formation of the consortium is possible when PT Pertamina has succeeded in taking over 35% of Shell’s shares.

“In the meantime, because the discussion is now Pertamina and Shell first, maybe later after that there will be a consortium, maybe yes (with Petronas),” said Dwi when met at the Ministry of Energy and Mineral Resources Office, Wednesday (25/1/2023).

Forming a consortium in managing 35% of the Masela Block, said Dwi, is possible to reduce the large cost burden. Because as you know, Pertamina currently has many large oil and gas projects in Indonesia. “Maybe in terms of the Abadi Masela project, Pertamina can invite others,” said Dwi.

Later, when the deal is completed to take Shell’s 35% stake in the Masela Block, Pertamina will also be charged with project completion obligations where the investment value of the project reaches around US$ 18 – US$ 20 billion.

Of course, said Dwi, this figure is outside of the acquisition value of Shell’s 35% stake.

As previously known, in the coming months, Pertamina will carry out a binding offer or offer that binds Shell. If the binding offer has been made, Shell’s ownership of the Masela Block will move.

“No binding offer yet, later Pertamina will submit the binding offer, now is the negotiation process,” said Dwi. (pgr/pgr)


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