PETRONAS REACHES FINAL INVESTMENT DECISION FOR INDONESIA'S HIDAYAH DEVELOPMENT

KUALA LUMPUR, Jan 10 (Bernama) -- Petroliam Nasional Bhd's (Petronas) subsidiary, PC North Madura II Ltd has reached the Final Investment Decision (FID) for the development of the Hidayah field, Indonesia. 

PC North Madura II is the operator with 100 per cent participating interest in the Production Sharing Contract (PSC).

Mohd Redhani Abdul Rahman, the Petronas vice-president of International Assets, Upstream, said the FID for the Hidayah field in the North Madura II Contract Area, East Java, is a significant milestone for the national oil company in the Indonesia market.

“This achievement builds on the momentum of our promising oil discovery in the North Madura II Contract Area in 2021, paving the way for us to play a more strategic role in supporting the region's growing energy needs,” he said in a statement today.

The development plan encompasses the drilling of oil production wells, supported by an unmanned integrated wellhead and central processing platform. 

It also includes a Floating Storage and Offloading unit, equipped with living quarters and a central control room to ensure safe and reliable operations.

On Jan 9, PC North Madura II hosted a high-level stakeholder engagement for the project, attended by key Indonesian stakeholders, including the Head of SKK Migas, Djoko Siswanto.

Petronas currently operates the Ketapang, North Madura II, and North Ketapang PSCs offshore East Java, as well as the Bobara PSC, offshore West Papua.

The company is a joint venture partner in five PSCs, spanning onshore and offshore Sumatra, the Natuna Sea, East Java, as well as East Indonesia.

-- BERNAMA