PETRONAS and Pertamina to acquire a 35% stake in Masela block from Shell and Chevron.

PETRONAS, an energy group, and Pertamina, an Indonesian state-owned oil and natural gas corporation, agreed to acquire a 35% stake in Masela block, located in the deep waters of west Arafura Sea, Eastern Indonesia, from Shell, an oil and gas company, and Chevron, an energy corporation. Financial terms were not disclosed. “This acquisition marks a significant milestone in PETRONAS’ portfolio expansion in Indonesia. PETRONAS is excited to participate in the Masela Block which is one of the country’s key strategic projects. Our participation underscores the commitment in supporting Indonesia’s production target to achieve one million barrels of oil per day and 12bn standard cubic feet per day of gas by 2030," Tan Sri Tengku Muhammad Taufik, PETRONAS CEO.