The project on Block SK510 was undertaken in collaboration with Petronas, Malaysia's state energy company, said Muharram Jaya Panguriseng, Director of Explorations at PT Pertamina Hulu Energi (PHE), a Pertamina subsidiary.
"Its size makes it one of 'the big fish' in Malaysia, rich in both oil and gas. The deeper parts contain gas, and the shallower parts hold oil," he said during a media gathering held in Mandalika, West Nusa Tenggara (NTB).
Panguriseng said that the potential reserves align with the Indonesian government's policy for the energy transition to gas.
"It supports our policy in the energy transition to gas," he stated.
Pertamina expanded its business to Malaysia through its subsidiary, PT Pertamina Malaysia Eksplorasi Produksi (PMEP), and partners who won the block auction in January.
The block's stakeholders are Petronas Carigali as the operator (40 percent), PMEP (25 percent), Inpex Malaysia E&P (INPEX) (25 percent), and Petroleum Sarawak E&P (10 percent).
Block SK510 covers a working area of 1,864 square kilometers off the coast of Sarawak, Malaysia, and falls under PHE's upstream asset management portfolio.
Panguriseng emphasized the continued need for hydrocarbon exploration to maintain Indonesia's energy security.
PHE will continue to explore oil and gas reserves on a massive and aggressive scale, he added.
He stated that the oil and gas sector is not just an economic concern but also part of the nation's sustainability strategy, especially in light of the Russia-Ukraine war disrupting European gas supplies.
Indonesia's estimated demand for fossil fuels by 2050 is the equivalent of 240 megatons of oil (MTOE), or 24 percent of the projected national energy need of 1,000 MTOE.
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Translator: Faisal Yunianto, Cindy Frishanti Octavia
Editor: Anton Santoso
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