Riri Rahayu, Jakarta – PT Pertamina (Persero) officially takes over Masela Block from Shell. Pertamina officiates the takeover during the IPA Convex 2023 in ICE BSD, Tangerang, on Tuesday, July 25, 2023.

Previously, Shell has let go of 35% of their participating share in the Masela Block. Pertamina then partnered up with Petronas to take over the participating shares.

Through Pertamina Hulu Energi (PHE), Pertamina acquired 20% of Shell's participating share while Petronas acquired 15% of the participating share. Meanwhile, Inpex still holds 65% of the participating shares.

However, the Director of PHE Wiko Migantoro refrained from revealing the investment value. He only said that the financing was sourced from the company's equity funds.

After the signing of participating shares acquirement, Wiko hopes that Pertamina conducts Front End Engineering Design (FEED). FEED is the phase to reflect what is needed specifically in the development of infrastructure or equipment to reach the goal of a project. FEED is also done to avoid future problems of significant changes in development.

"After that, we can promptly conduct the construction and be on stream as soon as possible," said Wiko when met on Tuesday, July 25, 2023.

Source: https://en.tempo.co/read/1751918/pertamina-officially-acquires-masela-block-from-shel