Malaysia’s state energy firm Petronas has signed a farm-out agreement with its Indonesian counterpart Pertamina for the share of its ultra-deepwater Bobara production sharing contract (PSC), offshore Indonesia.
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% stake, 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 West Papua in Eastern Indonesia, the block represents a key frontier in ultra-deepwater growth opportunity.
The signing ceremony was held in conjunction with the 47th Association of Southeast Asian Nations (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,” the company said.
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.