Indonesia's Pertamina and Malaysia's Petronas signed an agreement with Shell on Tuesday to buy its 35% stake in the Masela natural gas fields for up to $650 million, moving the project forward after years of delay.
FILE PHOTO-The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
Pertamina Hulu Energi will take 20% and Petronas Masela Sdn Bhd will take 15% in the project, the companies said at a signing ceremony at the Indonesia Petroleum Association conference. The transaction should be completed in the third quarter, subject to several conditions, including regulatory approval from Indonesia's Ministry of Energy and Mineral Resources, Shell added.
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