KUALA LUMPUR: Petroliam Nasional Bhd's subsidiary, PC North Madura II Ltd, has made the final investment decision (FID) for the development of the Hidayah field in the North Madura II Contract Area, East Java, Indonesia.
PC North Madura II Ltd will operate the project with a 100 per cent interest under its production sharing contract (PSC).
The development plan includes drilling oil production wells, an unmanned integrated wellhead and central processing platform, and a floating storage and offloading (FSO) unit with living quarters and a central control room for safe operations.
Petronas' executive vice president for upstream, Mohd Jukris Abdul Wahab, emphasised the company's commitment to supporting Indonesia's energy self-sufficiency goals.
This milestone builds on the promising oil discovery in the North Madura II area in 2021.
On Jan 9, 2025, Petronas hosted a stakeholder engagement event with key Indonesian officials, including the Head of SKK Migas, Djoko Siswanto.
Petronas operates several PSCs in East Java and West Papua and is involved in five other PSCs across Indonesia.
Despite the global energy transition, Petronas remains focused on expanding its global presence and exploring lower-carbon initiatives to ensure sustainable, reliable energy.