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Pertamina expects to sign deal for Masela block development in July
State-owned oil and gas giant Pertamina is looking to sign an agreement to take over Shell’s 35 percent participating interest in the Masela block this month, the Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) said on Monday.
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The Oyong oil and gas rig in the Sampang Block is seen, located in the Madura Strait, off the coast of East Java. Medco took over the block from Ophir Energy in 2019 after Medco acquired Ophir. (SKK Migas/SKK Migas)
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tate-owned oil and gas giant Pertamina is expected to sign an agreement to take over Shell’s 35 percent participating interest in the Masela block this month, the Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) said on Monday.
Fadjar Djoko Santoso, Pertamina’s vice president of corporate communication, said the final agreement was being discussed and should be finalized soon.
“The process is ongoing. We will announce the agreement after everything is wrapped up,” he told The Jakarta Post on Monday when asked about the possibility of signing the concluding takeover agreement in July.
Pertamina and Shell are set to sign the final agreement this month considering both parties have agreed on the takeover at the end of June, according to SKK Migas head Dwi Soetjipto, as reported by CNBC Indonesia.
Read also: Pertamina to conclude takeover of Shell’s Masela shares this month
Pertamina expects to conclude the takeover through a consortium with Malaysian state-owned oil and gas giant Petronas, the Energy and Mineral Resources Ministry said on June 13.
If the purchase goes as planned, the consortium will develop the block alongside Japanese oil and gas giant Inpex, which holds the remaining 65 percent stake in the Masela block.
