Malaysian oil and gas company Petronas’ subsidiary Petronas North Ketapang has signed a production sharing contract (PSC) for the North Ketapang Block in Indonesia.
Located onshore and offshore East Java in water depths of up to 100m below sea-level, the 3,131.8km² block was awarded in the second round of the Indonesia Petroleum Bid Round 2021.
Petronas Exploration, Upstream vice-president Mohd Redhani Abdul Rahman said: “The signing of the North Ketapang block further enhances Petronas’ existing upstream portfolio in Indonesia, providing the opportunity to address the growing energy demand of the country.
“Petronas is extremely pleased to be awarded this PSC and we will work closely with our partners, as well as SKK Migas, to unlock the hydrocarbon potential that lies within the block.”
In April 2022, Petronas’ subsidiary PC Ketapang II (PCK2L) and its partner announced the start of production from the BTJTB-T2 well of the Bukit Tua Phase-2B project, located within the Ketapang block, offshore East Java.
Drilled to a total depth of 1,890m, the well marks the fourth development phase at Bukit Tua after Phase 1, Phase 2A, and Phase 3.
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As per the estimates, the project will generate 12,500 barrels of oil equivalent per day and 30 million standard cubic feet of gas per day from the five development wells.
Through its two subsidiaries PC Ketapang II and PETRONAS Carigali (Ketapang), Petronas operates the Ketapang block with an 80% stake. The remaining 20% stake in the block is owned by PT Saka Ketapang Perdana.
The Malaysian oil and gas company also operates the North Madura II PSC, offshore East Java.
The firm is also a joint venture partner in six other blocks, both onshore and offshore, in Sumatera, the Natuna Sea, East Java, and West Papua.