Pertamina and Petronas Close Deal to Buy Shell’s Stake in Indonesian Masela Asset
Indonesia’s Pertamina and Malaysia’s Petronas have closed a deal to acquire Shell’s 35% stake in the Masela natural gas field, which includes the Abadi project, the Indonesian state-owned company reports.
Pertamina Hulu Energi Masela received 20% of the project from Shell Upstream Overseas Services Limited, while Petronas Masela received 15%.
The purchase and sale agreement was signed on July 25 this year, and approval from the Ministry of Energy and Mineral Resources was received on October 4.
It was previously reported that Shell would receive $325 million in cash as a result of the transaction and another $325 million after making a final investment decision on the Abadi project.
The Abadi field in the Masela block is a deepwater gas field with the largest gas reserves in Indonesia, located approximately 160 km off the coast of Yamdena Island. The facility plans to produce 4.25 million cubic meters daily. m of gas and 35 thousand barrels of condensate, producing 9.5 million tons of liquefied natural gas per year. The license is valid until 2055.
