Petronas has entered a farm-out agreement with Pertamina Hulu Energi Bobara (Pertamina) to participate in the Bobara production sharing contract (PSC) offshore Indonesia.

The collaboration combines the companies’ corresponding technical strengths, deepwater expertise, and a shared commitment to unlock new energy resources. 

Under the deal, Petronas will serve as the operator, with Pertamina and TotalEnergies each holding a 24.5% participating interest in the PSC. 

In June 2025, TotalEnergies signed an agreement with Petronas to purchase a 24.5% interest in the Bobara block to carry out an exploration work programme.

Located offshore Papua Barat, Indonesia, Bobara PSC was originally signed by Petronas and SKK Migas during the Indonesian Petroleum Association (IPA) convention in May 2024.

The block represents a significant opportunity in ultra-deepwater exploration. 

Petronas currently operates various blocks in Indonesia, including Ketapang, North Madura II, North Ketapang, Serpang, and Bobara. It is also a joint venture partner in other projects across Sumatra, Natuna Sea, East Java, and East Indonesia. 

In June, TotalEnergies acquired interests in several offshore blocks in Malaysia and one block in Indonesia, spanning more than 100,000km², from Petronas. 

Under the agreement, TotalEnergies would operate a 50% interest in Blocks SK301b and SK313 in Malaysia alongside Petronas Carigali, a subsidiary of Petronas. 

Earlier this year, Petronas made a final investment decision on the Hidayah field in the North Madura II Contract Area. 

The development plan for the Hidayah field involves drilling wells and constructing an unmanned integrated wellhead and central processing platform.