Petronas, through its subsidiary PC Ketapang II, has secured a 20-year extension of the Production Sharing Contract (PSC) for the Ketapang Working Area, located in the Java Sea.
Due to expire in 2028, the Ketapang PSC extension was officially granted by the Government of Indonesia through the Ministry of Energy and Mineral Resources on 22 December 2023 with the same composition of participating interests.
Petronas is the operator for the Ketapang, North Madura II, and North Ketapang PSC, located offshore East Java, and is a joint venture partner in seven PSCs located both onshore and offshore Sumatra, Natuna Sea, East Java, as well as East Indonesia.
“We are grateful to the Government of Indonesia for the PSC extension, which will allow Petronas to continue leveraging our strong portfolio in Indonesia, through our key strategic projects that we have planned for the Ketapang Working Area.
“Since its first oil production in 2015, PC Ketapang II has emerged as one of the key upstream players in East Java, delivering resources to effectively meet the region’s energy demand, and we will continue to foster robust collaborations with the Government of Indonesia and our partners to contribute towards reaching the national production targets,” said Adif Zulkifli, Executive Vice President and Chief Executive Officer of Upstream Petronas.