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View all search resultsTotalEnergies reenters Indonesia with 24.5% stake in Bobara Block
TotalEnergies is among the first global oil and gas companies to return to Indonesia amid growing investments in the sector, after securing a 24.5 percent stake in the Bobara Block off West Papua from Petronas.
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An offshore drill extracts natural gas from the MD-111 well at Mandu Field in the Mahakam Working Area in South Mahakam, off the coast of Balikpapan, East Kalimantan, in this file photo taken on Oct. 25, 2019. PT Pertamina Hulu Mahakam took over the Mahakam concession when the contract of TotalEnergies, which had been drilling the area since 1967, expired in 2018. (JP/N Adri)
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rench energy giant TotalEnergies has made its Indonesian comeback by securing a 24.5 percent stake in West Papua’s Bobara oil and gas block from Malaysian energy company Petronas, which retains a 75.5 percent majority stake.
“This is a major milestone in our push toward meeting national production targets,” Tri Winarno, acting oil and gas director at the Energy and Mineral Resources Ministry, said in a statement on Monday.
The deal signaled renewed global interest in the domestic upstream oil and gas sector as the government stepped up its efforts to boost exploration and production, Tri said
Beyond Bobara were vast untapped reserves in other blocks, he continued, such as Gaea I and II in West Papua and the Akimeugah I and II blocks in South Papua and Papua Pegunungan, respectively, which could be potential sites for development by TotalEnergies.
“This is an excellent sign that a company like [TotalEnergies] is returning to Indonesia. We’re happy to extend our collaboration here,” said Mohd. Redhani Abdul Rahman, vice president of international upstream assets at Petronas.
In the same statement, TotalEnergies chairman and CEO Patrick Pouyanné described the partnership as “a strategic expansion” that strengthened the company’s position in Southeast Asia’s energy sector.
“Indonesia offers a platform for low-cost, low-carbon production and long-term growth, supported by its access to the Asian LNG [liquefied natural gas] market,” he said.
