One More Step, Pertamina Enters the Giant Abadi Block

Photo: Masela Block (Doc.Reuters)


Jakarta, CNBC Indonesia – The Ministry of Energy and Mineral Resources (ESDM) said that Pertamina’s plan to enter into the management of the Masela Block is getting closer. One of them is through the takeover of 35% participating interest alias Masela Block participation rights from Shell.

Director General of Oil and Gas, Tutuka Ariadji, said that communication between Pertamina and Shell regarding the acquisition of PI in the Masela Block has been going quite well. Pertamina itself has so far submitted a non-binding agreement for the proposed acquisition.

“All that remains is the binding offer, so we will give them time to do business to business because so far it has been going well. So we are waiting for their results, what is certain this year, I think it will be possible, we will see in the first semester,” said Tutuka when met at the Ministry of Energy and Mineral Resources Building, quoted on Thursday (2/3/2023).

In addition, according to Tutuka, Pertamina has also submitted all the requirements requested by Inpex as the operator in the Masela Block. With this, it is hoped that the PI transition process from Shell to Pertamina can start immediately.

As is known, PT Pertamina (Persero) has pocketed a potential partner who will enter into the management of the Masela Block. One of them is a company from Malaysia, namely Petronas.

PT Pertamina (Persero) SVP Strategy & Investment Daniel S. Purba said there were several investors who were interested in offering cooperation in managing the Masela Block. However, Pertamina will probably only focus on Petronas first.

“There have been several talks with Pertamina, this is while parallel talking with the Inpex. Maybe at least one first (potential partner),” he said when met after the Energy & Mining Outlook event, quoted Monday (27/2/2023 ).

Furthermore, Daniel said that this year his party had allocated a budget of US$ 1.5 billion or Rp. 22.92 trillion (assuming an exchange rate of Rp. 15,280 per US$) for the acquisition process in the upstream oil and gas sector. One of them is to take over the 35% participating interest alias Masela Block participation rights from Shell.

“We want to enter the Masela Block, but this figure is still being negotiated, how much is still in process. So US$ 1.5 billion is not only for Masela but for other blocks. Is this absorbed or is it still lacking? It depends on the progress that we have negotiated currently including Masela. If it really needs additional we try, so that’s the process,” said Daniel. (pgr/pgr)


Related Posts