Petronas E&P Bobara, a subsidiary of Malaysia’s state-owned oil and gas company Petronas, has signed a production sharing contract (PSC) for the Bobara Working Area, covering 8,444.5km2 acreage.
Petronas has been awarded the Bobara working area, located offshore of West Papua, Eastern Indonesia, during the third round of Indonesia Petroleum Bid Round 2023.
Under the terms of the PSC, the new acreage will see three geological and geophysical studies in the first three years, including 2,000km2 of 3D seismic data acquisition and processing.
Currently, Petronas is the operator for the Ketapang, North Madura II, and North Ketapang PSCs, located offshore East Java.
Also, the company is a joint venture partner in five PSCs, both onshore and offshore Sumatra, Natuna Sea, East Java, as well as East Indonesia.
Petronas upstream CEO and executive vice president Datuk Adif Zulkifli said: “The signing of the Bobara PSC marks a significant milestone in our steadfast commitment to sustainable energy exploration and development in the region.
“This reflects PETRONAS’ long-term dedication to supporting the Republic of Indonesia’s aspiration to achieve the 2030 production targets.
“Petronas appreciates the unwavering support and trust given by the Government of Indonesia to unlock the hydrocarbon potential in this exciting frontier area.”
In a separate development, Petronas’ subsidiary PC Ketapang II (PCK2L) has extended the PSC for the Ketapang Contract Area, located in the Java Sea, until 2048.
The PSC extension follows approval by the Government of Indonesia, through the Ministry of Energy and Mineral Resources on 21st December last year.
Under the extended PSC, PCK2L will continue to hold 77.6% interest, alongside Saka Ketapang Perdana and Petrogas Jatim Sampang Energi, and will be the operator of the contract area.
PCK2L president and country head Yuzaini Yusof said: “Not only will this 20-year PSC extension drive our continuous growth in Indonesia but solidifies our portfolio in East Java where we also operate two other Contract Areas.
“The support from the Government of Indonesia for this extension provides us with even greater confidence, enabling us to play a more effective role in supporting the country`s energy landscape.
“We are profoundly appreciative for this support, as we collaborate with the Government towards achieving Indonesia’s 2030 production targets.”
