Petronas Interested In Huge Indonesian LNG Project

Upstream reports on the key oil and gas stories from across the globe, and in its latest article looks at Petronas, Malaysia’s national oil and gas company, reportedly expressing interest to participate in Indonesia’s takeover of Shell’s stake in the Inpex-operated Abadi liquefied natural gas project that has yet to leave the drawing board, Indonesia’s upstream regulator SKK Migas told a Parliamentary hearing in Jakarta on Wednesday.

The Indonesian government earlier said a consortium of its state-owned energy company Pertamina, the Indonesia Investment Authority (the republic’s sovereign wealth fund), and other companies could take Shell’s 35-percent stake in the Abadi project after the UK supermajor put its interest on the slab, report Upstream.

“Petronas is also interested to join and, if possible, work together with Pertamina in terms of replacing Shell,” Reuters reported SKK Migas chairman, Dwi Soetjipto, as saying.

Upstream reported on 8 September that Pertamina was indeed planning to come on board Abadi. The giant gas field offshore Indonesia (recoverable reserves are north of 10-trillion cubic feet) is now envisaged being exploited as a grassroots onshore LNG project.

Pertamina has conducted data room study and is due to submit a non-binding offer to Inpex and Shell this month, Soetjipto added.

Inpex in December is expected to submit a revised Plan of Development for Abadi, which will include a carbon capture and storage scheme. The most recent development concept centred on a floating production, storage and offloading vessel able to handle 1.8-billion cubic feet per day of gas and 36,000-barrels per day of condensate. The two-train onshore LNG project would have nameplate capacity of 9.5-million tonnes per annum.

Shell paired up with Japan’s Inpex when Abadi was being eyed as a floating LNG project, but this development solution was ultimately vetoed at the highest level by Indonesia’s President Joko Widodo. The Indonesian government believes an onshore development will provide more jobs and economic benefits to the local community and also enable pipeline gas to be available for domestic customers.

The UK partner put its 35-percent stake in Abadi up for sale in 2019, prior to the Covid-19 pandemic, with a price tag understood to have been up to USD 1.6-billion at the time.

“It is hoped that in line with [Inpex’s new plan], the new partners could also be decided,” Soetjipto said.

Source: Upstream

Latest Article
Vietjet Launches New Hanoi-Jakarta Route
According to reporting from Vietnam Plus, Vietjet Air launched a new international route connecting Hanoi...
Pelita Air Launches Jakarta to Sorong Route
Pelita Air President Director Dendy Kurniawan said in Jakarta on Wednesday (6/12/23) that the state-owned...
AirAsia Launches More Domestic, International Routes for Holidays
According to reporting from Tempo, President Director of Indonesia Air Asia, Veranita Yosephine Sinaga,...
Eleven Dead Hikers Identified in Marapi Eruption
According to reporting by Antara News, West Sumatra Police’s Disaster Victim Identification (DVI)...
Garuda Partners with Banks to Offer Year-End Holiday Promos
Jakarta Globe are reporting that PT Garuda Indonesia has partnered with certain banks in Indonesia to...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

[wpforms id=”43785″]

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.