PC North Madura II Ltd., a subsidiary of Malaysian oil company Petronas, has secured the Final Investment Decision for the development of the Hidayah Oil Field in the North Madura II work area, East Java.
Execiutive Vice President and CEO Upstream at Petronas, Mohd Jukris Abdul Wahab, appreciated the Indonesian government for the full support of the project.
“This decision shows a strong commitment of Petronas in helping Indonesia achieve energy self-sufficiency. We are ready to work closely during the Hidayah field development process,” Mohd Jukris said as quoted in a statement on Thursday, January 9, 2025.
The Hidayah Field Development Plan includes drilling for production wells that will be supported by unmanned production platforms, central processing platforms, and Floating Storage and Offloading (FSO) facilities that are equipped with central control rooms. This project is targeted to start operating in the first quarter of 2027.
Head of the Upstream Oil and Gas Regulatory Task Force (SKK Migas), Djoko Siswanto, stressed the importance of project management to achieve a timely target.
“The upstream oil and gas industry faces big challenges in accelerating the exploitation of new reserves. SKK Migas together with Petronas will oversee this field development so that there is no delay,” Djoko said in a meeting with stakeholders.
Hidayah Field is projected to produce oil reserves of 88.55 Million Stock Tank Barrels (MMSTB) until 2041. Initial production is estimated to reach 8,973 barrels of oil per day (BOPD) and is expected to increase to 25,276 BOPD at the peak of production.
Vice President of International Assets of Upstream at Petronas, Mohd Redhani Abdul Rahman, said that this development is a strategic step for the company in the Indonesian Energy Market.
“This decision continues our success in finding significant oil reserves in the region in 2021. We are ready to support the increasing energy needs,” he said.
In addition to North Madura II, Petronas manages several other working areas in Indonesia, including Ketapang in West Kalimantan and Bobara in West Papua. Petronas is also a partner in five profit sharing contracts in Sumatra, Natuna Sea, East Java and East Indonesia. PC North Madura II Ltd. is an operator that holds 100 percent of Interest participation in production sharing contract.
