Petronas secures deepwater Indonesia E&P concession

Indonesia’s Ministry of Energy and Mineral Resources has awarded Petronas subsidiary PC North Madura II the Bobara working area offshore West Papua, under the Indonesia Petroleum Bid Round 2023.

It is Petronas’ first venture into deepwater exploration in Indonesia. The company will operate Bobara with 100% equity; the working area covers about 8,400 sq km. The commitment for the first three years includes G&G studies, and 3D seismic data acquisition and processing.

Last year the company signed a sale and purchase agreement for the Masela working area, and it already operates the Ketapang, North Madura II, and North Ketapang production sharing contracts (PSCs) offshore East Java, with further (non-operated) interests in seven PSCs offshore and onshore in the Natuna Sea, Sumatra, East Java, and East Indonesia.

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