PT Pertamina Malaysia Exploration Production (PMEP) and its partners have won the bidding for the SK510 exploration block through the Malaysia Bid Round (MBR) 2023, a series of bidding activities held annually by Malaysia Petroleum Management (MPM) PETRONAS, the agency responsible for oil and gas resources in Malaysia.
The signing ceremony for the exploration was held in Kuala Lumpur on January 23, 2024, by PMEP’s CEO, Fuji Koesumadewi.
The event was also attended by Danar Dojoadhi, Director of Strategic Planning and Business Development at Pertamina Hulu Energi (PHE), along with Executive Vice President and Chief Executive Officer of Upstream PETRONAS, Datuk Adif Zulkifli, and Senior Vice President of MPM PETRONAS, Datuk Ir. Bacho Pilong.
The Participating Interest (PI) holders in the SK510 Oil & Gas Block consist of PETRONAS Carigali Sdn. Bhd., which acts as the operator with a 40 percent PI, PMEP and INPEX Malaysia E&P SK510 Sdn. Bhd. each holding a 25 percent PI, and Petroleum Sarawak Exploration & Production Sdn. Bhd. holding the remaining 10 percent PI.
Danar Dojoadhi, Director of Strategic Planning and Business Development at PHE, explained that Pertamina continues to strengthen its advantages by seizing opportunities that support the company’s business growth by implementing good Environmental, Social, and Governance (ESG) principles.
“We believe that managing the SK510 Block can strengthen PHE’s footprint in Malaysia in an effort to achieve the Company’s targets by increasing oil and gas resources through exploration assets abroad,” said Danar on Wednesday.
The SK510 Block, covering an area of ​​1,864 km2 located offshore Sarawak, Malaysia, is an area of ​​work in PHE’s asset management portfolio, as a Subholding Upstream of Pertamina. This acquisition brings the total to 6 blocks managed by PMEP. PMEP, a subsidiary of PT Pertamina International Exploration and Production (PIEP), affiliated with PHE, manages oil and gas (O&G) exploration and production activities in the Sabah and Sarawak regions of Malaysia under Production Sharing Contract (PSC) contracts. PMEP has Participating Interest in 3 production blocks – SK309 (25.5 percent), Block SK311 (25.5 percent), and Block K (24 percent); 2 exploration blocks – SK510 (25 percent) and SK 314A (25.5 percent), and 1 development and exploration block ‒ Block H (18 percent except for Rotan Field – 24 percent).
Furthermore, Danar explained that expanding the working area through new exploration blocks, both domestically and internationally, is crucial for maintaining the sustainability of fossil energy resources. PHE has also completed the acquisition of oil and gas blocks in several working areas including Peri Mahakam & Bunga in the East Indonesia region, East Natuna in the Indonesia-Malaysia-Vietnam border area, and Masela in Maluku. “We have had a long-term relationship with Pertamina even before the birth of PETRONAS, 50 years ago, and today I am happy to see that Pertamina continues to expand its portfolio in E&P Malaysia,” said Datuk Ir. Bacho.
