Pertamina Acquires 24.5% Stake in Petronas Bobara Deepwater Block, Strengthening Indonesia–Malaysia Energy Cooperation

Nov 01, 2025


In a symbolic moment of regional energy cooperation, Indonesia’s state-owned energy giant Pertamina has taken a major step into the ultra-deepwater frontier. Through its upstream arm PT Pertamina Hulu Energi (PHE), the company has acquired a 24.5% participating interest from Petroliam Nasional Berhad (Petronas) in the Bobara Block, located in the remote deep waters off West Papua.

The deal, sealed during the 47th ASEAN Summit in Kuala Lumpur on October 27, 2025, marks more than just a transaction, it signals a growing energy partnership between two Southeast Asian powerhouses. The Farm-Out Agreement (FOA), signed between PHE Bobara and Petronas E&P Bobara Sdn. Bhd., formalizes Pertamina’s entry into the Bobara Production Sharing Contract (PSC), alongside Petronas and TotalEnergies.

For Pertamina, this move represents both strategic expansion and symbolic diplomacy. It not only strengthens the company’s position in frontier exploration but also underscores Indonesia’s commitment to regional energy collaboration amid the global push for sustainable growth.

“This signing is not merely a contractual milestone but a tangible reflection of the Indonesia–Malaysia energy partnership,” said Pertamina President Director Simon Aloysius Mantiri. “It demonstrates complementary capabilities and a shared responsibility to enhance regional energy security and drive sustainable development.”

Mantiri’s remarks resonated with the broader theme of the ASEAN Summit partnership for resilience. He also expressed confidence that this momentum could open new doors for Pertamina to expand in Malaysia, eyeing future opportunities such as operatorship in the Balingian PSC and other prospective offshore blocks.

Meanwhile, PHE President Director Awang Lazuardi described the Bobara partnership as a milestone built on trust and shared vision.

“The Bobara PSC aligns perfectly with PHE’s strategic focus exploring and developing new opportunities in frontier areas,” Lazuardi explained. “It’s a step forward that blends technical excellence with regional collaboration.”

Beyond exploration, PHE continues to reinforce its Environmental, Social, and Governance (ESG) commitments across its operations. The company implements a Zero Tolerance on Bribery policy under the ISO 37001:2016-certified Anti-Bribery Management System (SMAP) , a framework ensuring transparency and accountability in every corporate move.

As energy dynamics shift globally, the Bobara partnership stands as a testament to how regional cooperation can shape a more secure and sustainable energy future. With Indonesia and Malaysia deepening ties in the energy sector, the deal also reflects a broader transformation, where collaboration, not competition, fuels progress beneath the vast waters of the Pacific.



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