PETRONAS EVP and CEO of Upstream, Mohd Jukris Abdul Wahab (fifth from left) and PT Pertamina Hulu Energi Chief Executive Officer Awang Lazuardi (sixth from left) at the signing ceremony held in Abu Dhabi.PETRONAS, through its wholly-owned subsidiary Vestigo Petroleum Sdn Bhd (Vestigo), has signed a Key Principles Agreement (KPA) with PT Pertamina Hulu Energi (Pertamina) for the North Sumatra Offshore (NSO) development opportunities.
These bilateral partnerships bring together two leading national and international energy players, combining complementary technical strengths, marginal field expertise, and a shared commitment to responsibly unlock new energy resources in support of Indonesia’s sustainable growth.
Through the NSO Key Principles Agreement, Vestigo and Pertamina formalised their mutual intentions and guiding principles for collaboration in identified areas of interest within the NSO Production Sharing Contract (PSC). This agreement builds upon the Memorandum of Understanding (MoU) signed between both parties in March 2025 to explore potential partnership opportunities in the upstream oil and gas sector.
These collaborations underscore PETRONAS’ commitment to expanding its upstream portfolio through trusted partnerships built on shared ambitions and mutual strengths. By forging strategic alliances with reliable partners, PETRONAS continues to strengthen its global presence and accelerate sustainable value creation for its shareholders.
PT Pertamina Hulu Energi North Sumatra Offshore (PHE NSO) is a subsidiary of PT Pertamina Hulu Energi, responsible for managing the NSO Block under the Production Sharing Contract which remains valid until 2038. As the asset holder, PHE NSO welcomes strategic collaborations to unlock the block’s remaining potential and accelerate value creation.
Vestigo, a subsidiary of PETRONAS, was established to drive the development and production of marginal oil and gas fields. As a specialist upstream company within the PETRONAS Group, Vestigo has built a strong track record in mature field revitalisation, fit-for-purpose project execution, and commercial innovation. Through cost-efficient redevelopments and enhanced production across multiple offshore assets in Malaysia, Vestigo continues to deliver sustainable value and operational excellence in the upstream sector
PETRONAS currently operates the Ketapang, North Madura II, North Ketapang, Serpang and Bobara PSCs and is a joint venture partner in five PSCs located onshore and offshore Sumatra, Natuna Sea, East Java, and East Indonesia.
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PETRONAS
SOURCE: PETRONAS
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--BERNAMA
