KUALA LUMPUR (March 18): Petroliam Nasional Bhd (Petronas) said its subsidiary PC Ketapang II Ltd has won the North Ketapang block, located onshore and offshore East Java, during the second round of the Indonesia Petroleum Bid Round 2021.

Following this successful bid, Petronas said it will operate and hold a 100% equity in the 3,131.8-square kilometre block with water depths of up to 100 metres below sea level.

The result was announced by Indonesia's Ministry of Energy and Mineral Resources on Friday (March 18), said the national oil company in a statement.

“We are delighted with the outcome of the bid round as the North Ketapang block is located to an adjacent block where an encouraging discovery was made last year.

“With the support of the Government of Indonesia, we will continue to strengthen our upstream ventures towards unlocking greater value that contributes to the development of Indonesia’s energy industry. As a progressive energy and solutions partner, Petronas is committed to deliver [a] safe and reliable supply of energy to Indonesia,” said Petronas executive vice president and upstream chief executive officer Adif Zulkifli.

Petronas is also the operator for the Ketapang production sharing contract (PSC) and North Madura II PSC offshore East Java, and is a joint venture partner in six PSCs located both onshore and offshore Sumatra, Natuna Sea, East Java, as well as East Indonesia.