Jakarta – PT Pertamina (Persero) and Petronas have officially taken over the management rights or participating Interest (PI) of the Masela Block from Shell. In its official statement, Shell agreed to sell 35% of its PI in the project located in the Arafura Sea, Maluku, with a total transaction value of USD 650 million.
Pertamina now has a 20% PI and Petronas 15% to manage the Masela Block. Shell’s Upstream and Gas Director, Zoë Yujnovich, revealed that the PI payment is divided into two stages, with each value to be paid by Pertamina and Petronas USD 325 million in stage I and USD 325 million later in stage II.
“The transaction is effective on 1 January 2023 and is targeted for completion in the third quarter of this year,” Yujnovich said in an official statement.
According to him, the decision to sell the participating interest in the Production Sharing Contract of the Masela Block (Masela PSC) is a policy in line with the company’s investment focus.
The signing of the Masela Block ownership sale and purchase agreement was carried out directly by PHE President Director Wiko Migantoro, Executive Vice President and Chief Executive Officer of Huluan PETRONAS, Datuk Adif Zulkifli, and Director Finance for Acquisition Divestment and NBD Asia Pacific Shell Kuo Tong Soo.
The signing took place at the opening ceremony of the Indonesia Petroleum Association (IPA) Convention, Tuesday, 25 July and was witnessed by Minister of Energy and Mineral Resources Arifin Tasrif, Director General of Oil and Gas Tutuka Ariadji, Head of SKK Migas Dwi Soetjipto, and Pertamina CEO Nicke Widyawati as well as President and Chief Executive Officer of Kumpulan Petronas Tan Sri Tengku Muhammad Taufik. (Hartatik)