State energy company PT Pertamina Hulu Energi (PHE), through its affiliate PT Pertamina Hulu Energi Bobara, and Petroliam Nasional Berhad (Petronas), through its subsidiary PETRONAS E&P Bobara Sdn. Bhd., have signed a Farm-Out Agreement (FOA) for the Bobara Production Sharing Contract (PSC), located in the ultra-deepwater region off West Papua, Eastern Indonesia.
The signing ceremony took place on the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Malaysia, on Sunday, October 26, 2025.
Pertamina President Director Simon Aloysius Mantiri said the ceremony marked more than just a contractual milestone − it represented a concrete step in strengthening Malaysia–Indonesia energy cooperation.
“This synergy of complementary capabilities reflects our shared responsibility to enhance regional energy security and drive sustainable development,” Simon said in a press statement on Monday, October 27, 2025.
The Bobara Working Area, spanning 8,444.49 square kilometers, holds an estimated 6.8 billion barrels of oil equivalent (BBOE) in potential oil and gas resources. The PSC, signed in May 2024, covers a 30-year exploration term with a firm commitment valued at US$16.92 million (Rp281 billion), consisting of three geological and geophysical (G&G) studies, a 2,000-square-kilometer seismic resolution survey, and a US$50,000 signature bonus.
Under the partnership, PHE holds a 24.5 percent participating interest, alongside PETRONAS and TotalEnergies. Simon also called for continued support for Pertamina’s business expansion in Malaysia, in line with PETRONAS’ long-term investment portfolio in Indonesia. This includes potential opportunities for Pertamina to take on operatorship roles in the Malaysia Balingian PSC and other contracts.
PHE President Director Awang Lazuardi highlighted that the collaboration demonstrates the strong synergy and mutual commitment among Pertamina, PETRONAS, and TotalEnergies.
“The Bobara PSC aligns with PHE’s strategic focus on exploring and developing new opportunities in frontier areas,” Awang said.
The FOA signing was carried out by Muhamad Arifin, Director of PT Pertamina Hulu Energi Bobara, and Yuzaini Md Yusof, Director of PETRONAS E&P Bobara Sdn. Bhd., witnessed by Simon Aloysius Mantiri, Pertamina Vice President Director Oki Muraza, PHE President Director Awang Lazuardi, PHE Director of Investment and Business Development Dannif Utojo Danusaputro, and PETRONAS President and Group CEO Tan Sri Tengku Muhammad Taufik.
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