Malaysia’s national oil and gas company has announced a positive final investment decision (FID) on the Hidayah field, part of the North Madura II Production Sharing Contract (PSC) in the waters of East Java province, Indonesia.
The plan involves drilling oil production wells, supported by an unmanned integrated wellhead and central processing platform. The field will have a floating storage and offloading vessel with living quarters and a central control room to ensure the safety and reliability of operations, Petroliam Nasional Bhd. (Petronas) said in a press release.
Petronas subsidiary PC North Madura II Ltd. operates North Madura II with a 100% stake.
Also in East Java, Petronas operates the Ketapang and North Ketapang PSCs. Offshore West Papua province, Petronas operates the Bobara PSC. It is also a co-venturer in five PSCs spanning offshore and onshore areas on Sumatra Island, the Natuna Sea, East Indonesia, and East Java.
Last year the Indonesian government granted a 20-year extension for the Ketapang PSC and awarded the Bobara PSC to Petronas.
The Ketapang PSC now lasts till 2048, Petronas said on May 14, 2024. Under the latest extension, Petronas remains the operator with a 77.6% stake through its subsidiary PC Ketapang II Ltd.