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SKK Migas and Pertamina discuss opportunities to work on Masela block perpetual project




SKK Migas has contacted Pertamina to follow up on President Joko Widodo’s (Jokowi) directive for the state-owned oil and gas company to work on the Masela Block Abadi liquefied natural gas (LNG) refinery project.

SKK Migas leader Dwi Soetijpto said his party and Pertamina were discussing what percentage of management rights they would take away from Shell. Meanwhile, Shell currently has the right to manage the Masela LNG project up to 35%, which they have wanted to release for two years.

“It’s something very good if the national oil and gas companies can replace Shell. It’s just a question of how much percentage Pertamina can take. We really hope that Pertamina can come in because it’s a good project” , Dwi told the ESDM ministry office. in Jakarta, Wednesday (3/3)./8).

Dwi explained that Pertamina is currently reviewing profit and loss opportunities before making the decision to participate in work on the Masela block. This needs to be done as the status of the project is still in development and not yet in production.

Additionally, Pertamina currently manages a number of large oil and gas blocks such as the Rokan block and the Mahakam block. “I myself have contacted Pertamina to ask him what his capabilities will be. It was Pertamina who did not provide an answer,” he continued.

SKK Migas expects Pertamina to complete its study in August or September this year. Dwi also revealed that Inpex, as the majority owner of the management rights as well as the operator of the Masela Block Abadi LNG project, has proposed that the project can operate from next year.

The US$19.8 billion National Strategic Project (NSP) has partnered with PT Perusahaan Gas Negara (PGN) as the buyer. “We hope Pertamina can do this soon as Inpex plans to offer the project to start faster next year,” Dwi said.

He also said he sent a letter to Inpex encouraging Pertamina to take 15% management rights to the Masela block. “In the past, I sent a letter to Inpex to get around 15%. But that was before, now the conditions have changed, now they are doing a study with the current conditions,” Dwi said.

At the same place, the Minister of Energy and Mineral Resources (ESDM), Arifin Tasrif, said his party, together with the Ministry of Public Enterprises and the Ministry of Finance, was designing financing instruments to support the participation from Pertamina to Masela block.

There are a number of options currently available, namely the government trying to attract funding through the Indonesia Investment Authority (INA).

“It was said by the Minister of Finance, so you just need to know the terms and conditions. But it will be internal with the Ministry of Public Enterprises, the INA and the government who can support it,” Arifin said.

On this occasion, Arifin also stated that there are oil and gas companies in the United States that have the possibility of participating in the percentage of management rights of Shell with PT Pertamina.

“Apart from Indonesian oil and gas companies, there are also KKKS from the United States who also communicate with Inpex. They are sitting together,” Arifin said.

Previously reported, President Joko Widodo (Jokowi) has instructed Investment Minister Bahlil Lahadalia to immediately appoint a State Enterprise (BUMN) or a National Oil and Gas Company to carry out the development of the Abadi LNG Field project. , the Masela block.

This was conveyed by the President after holding a meeting with the Japanese Prime Minister during the Japan CEO Meeting with the Indonesian Embassy in Tokyo, Japan on Wednesday (7/27).

“We all know that there is a consortium of Inpex exiting (Shell) and the President has ordered that exit (Shell) to be replaced by domestic contractors either through the Indonesia Investment Authority (INA ) or BUMN,” Bahlil said. on the YouTube channel of the presidential secretariat on Thursday (28/7).

Bahlil added that with the inclusion of state-owned enterprises in the Masela block, President Jokowi hopes that the national production and extraction of oil and gas can increase. “If it can be done, it can create oil and gas production and economic growth,” Bahlil said.

Progress on the Masela Block Abadi LNG project is still stalling after Dutch oil and gas company Shell Upstream Overseas withdrew in July 2020. Even though this project is expected to be commissioned or start production in 2027.

Prior to pulling out of the Masela Block LNG project, Shell controlled 35% equity stakes (PI) worth an estimated US$800 million to US$1 billion. The rest is 65% controlled by Inpex of Japan.




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