PETRONAS, through its wholly-owned subsidiary PETRONAS E&P Bobara, has signed a farm-out agreement with PT Pertamina Hulu Energi Bobara (PERTAMINA) for participation in the Bobara Production Sharing Contract (PSC).
This bilateral partnership brings together two leading national and international energy players, combining complementary technical strengths, deepwater expertise, and a shared commitment to responsibly unlock new energy resources in support of Indonesia’s sustainable growth.
Under the agreement, PERTAMINA will hold a 24.5% Participating Interest, with PETRONAS as the Operator. The partnership will also include TotalEnergies with a 24.5% Participating Interest, marking a strong collaboration among the three energy companies moving forward.
The Bobara PSC was originally signed between PETRONAS and SKK Migas during the Indonesian Petroleum Association (IPA) Convention in May 2024. Located offshore Papua Barat in Eastern Indonesia, the block represents a key frontier in ultra-deepwater growth opportunity.
The signing ceremony was held in conjunction with the 47th ASEAN Summit 2025 in the presence of PETRONAS President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik and PERTAMINA President Director and CEO Simon Aloysius Mantiri.
The collaboration underscores PETRONAS’ commitment to expanding its upstream portfolio through trusted partnerships built on shared ambitions and mutual strengths. By forging strategic alliances with reliable partners, PETRONAS strengthens its global footing and accelerates sustainable value creation for its shareholders.
PETRONAS currently operates the Ketapang, North Madura II, North Ketapang, Serpang and Bobara PSCs and is a joint venture partner in five PSCs located onshore and offshore Sumatra, Natuna Sea, East Java, and East Indonesia.
Source: PETRONAS
