PETRONAS through its subsidiaries, PETRONAS Energy Serpang Sdn. Bhd. and PETRONAS Energy Binaiya Sdn. Bhd, have signed Production Sharing Contracts  for the Serpang and Binaiya Working Areas, located offshore Eastern Java and Eastern Indonesia, respectively. The Serpang Working Area covers approximately 8,498 square kilometres, while the Binaiya Working Area spans 8,484 square kilometres.

Under the Serpang PSC, PETRONAS holds the operatorship in partnership with INPEX CORPERATION and SK earthon Co., Ltd. For the Binaiya PSC, Pertamina Hulu Energi (PHE) is the operator, with PETRONAS and SK earthon Co., Ltd. as partners.

The PSC signing ceremony was held in conjunction with the opening of the Indonesian Petroleum Association (IPA) Convention at the Indonesia Convention Exhibition (ICE), BSD City, Tangerang. PETRONAS was represented by its Executive Vice President and Chief Executive Officer of Upstream PETRONAS, Mohd Jukris Abdul Wahab and President Director of PETRONAS Indonesia, Yuzaini Md Yusof, while SKK Migas was represented by its Chairman, Djoko Siswanto.

“The signing of the Serpang and Binaiya blocks represents a pivotal step forward in PETRONAS’ enduring commitment to fortify our oil portfolio and regional partnership, in meeting the region’s energy demand. The Serpang block presents a crucial avenue to bolster our presence in East Java—an established, high-potential basin endowed with robust infrastructure enabling timely and efficient monetisation of resources. Simultaneously, the Binaiya block opens a new frontier for PETRONAS to anchor a key hub in Eastern Indonesia, alongside our Bobara block.” said Jukris.

For both PSCs, the initial three-year work commitments include conducting three geological and geophysical studies, as well as the acquisition and processing of 400 square kilometres of 3D seismic data.

With these successful awards granted during the second round of the Indonesia Petroleum Bid Round 2024, PETRONAS in Indonesia has grown from nine to 11 PSCs.

Presently, PETRONAS is also the operator for the Ketapang, North Madura II, and North Ketapang PSCs, located offshore East Java, as well as Bobara PSC in West Papua offshore and is a joint venture partner in five PSCs located both onshore and offshore Sumatra, Natuna Sea, East Java, as well as East Indonesia