JAKARTA, July 25 (Bernama) — PETRONAS’ subsidiary, PETRONAS Masela Sdn. Bhd. (PETRONAS Masela) today signed the Sale and Purchase Agreement (SPA) with Shell Upstream Overseas Services (I) Limited (Shell) for the acquisition of 15 per cent participating interest in the Production Sharing Contract of the Masela Block (Masela PSC), located in the deep waters of west Arafura Sea, Eastern Indonesia. The transaction is currently pending completion subject to regulatory approval and fulfillment of conditions precedent.
The acquisition is a result of a joint bidding collaboration between PETRONAS Masela and its partner, PT Pertamina Hulu Energi (PHE) where both entities will acquire Shell’s entire 35 per cent participating interest in the Masela PSC. PHE also signed its SPA with Shell today to take up 20 per cent participating interest. INPEX Masela Ltd. (INPEX), the operator of the Masela Block, holds the remaining 65 per cent participating interest.
