Deal! Petrosea Signs Rp989 Billion Contract for Inpex Masela Gas Project

PT Petrosea Tbk (PTRO), a mining and oil and gas contractor, has officially secured a contract worth Rp989.17 billion. The contract was signed with Inpex Masela Ltd for the Onshore LNG Perimeter Construction Works in the ‘jumbo’ Abadi Field gas project in the Masela Block, Maluku. According to the company’s disclosure on the Indonesia Stock Exchange (BEI), the agreement was signed on 2 March 2026 through the Petrosea-ETI-Nindya Consortium. The consortium comprises Petrosea along with PT Enviromate Technology International and state-owned enterprise PT Nindya Karya (Persero). Petrosea’s Company Secretary, Anto Broto, explained that the project is purely a business activity in the Engineering, Procurement, and Construction (EPC) sector and not an affiliated transaction. ‘The acquisition of this contract provides a positive contribution to the Company’s performance improvement and is part of efforts to develop business to strengthen the Company’s operational capabilities in the EPC sector,’ Petrosea stated in its official report on Thursday (26/3/2026). Petrosea’s participation portion is set at 36%. The estimated contract completion period is 36 months. The main scope of work to be undertaken by the consortium includes material procurement, construction of perimeter fencing (perimeter fence & gate), public expansion roads, and diversion roads including road lighting and relocation of existing electrical networks. Additionally, there is an optional scope for pioneering jetty construction (pioneer dock) and mini Intensive Vital Care Unit (IVCU). Bahlil Urges Acceleration of Masela Gas Project. Previously, the Ministry of Energy and Mineral Resources (ESDM) urged Japan’s oil and gas giant Inpex Corporation to accelerate the execution of the Abadi Field gas project in the Masela Block. The government ensures that the project, valued at US20billionorequivalenttoRp339.4trillion(assuminganexchangerateofRp16, 970perUS), will soon enter the final investment decision stage. Energy Minister Bahlil Lahadalia appreciated the progress of the oil and gas block development project, which has now reached about 25%. He requested Inpex to advance the Front End Engineering and Design (FEED) stage in the second quarter or at the latest the third quarter of 2026 so that the Engineering Procurement Construction (EPC) tender can proceed in parallel. ‘Because we want this to be fast so it doesn’t drag on anymore. It’s been 27 years, do we have to wait until I’m 60 years old before it’s done? Especially since it’s my mother’s village. So I think this year we can all tender EPC,’ Bahlil stated during a meeting with Inpex’s CEO in Tokyo, Japan, as quoted from the official statement on Monday (16/3/2026). To accelerate the achievement of that target, Bahlil provided a solution regarding the certainty of absorbing liquefied natural gas (LNG) production from the Abadi Masela Field, which reaches 9 million tonnes per annum (MTPA). He offered for the Nusantara Future Investment Management Agency (Danantara) to purchase the gas supply for the downstream programme if Inpex has not found a serious buyer by the end of April 2026. ‘So there’s buyer certainty. I appreciate foreign buyers, but now it’s time for the Indonesian state to be present, to work together with Inpex to ensure operations. So we’ll buy it,’ he emphasised. In response, Inpex Corporation CEO Takayuki Ueda welcomed Indonesia’s push. Ueda assured that Inpex’s entire management has a strong commitment to soon realising the long-awaited project. ‘Thank you very much, Mr Minister, for your generosity and commitment to support this project. Because this is not just a personal issue for me, but we at Inpex management also have a commitment to accelerate the realisation of Abadi, including this, I’ve been working on Abadi for 12 years,’ Ueda stated. According to him, direct discussions with the Indonesian Government provide great moral encouragement for the company. They feel increasingly motivated to soon complete the development and construction of the oil and gas block infrastructure. ‘Not only Mr Minister, but we also have the same commitment to soon work on Abadi. And after discussing with Mr Minister, we are even more enthusiastic to accelerate the completion of the Abadi project,’ he added. From an administrative perspective, the Abadi Masela Project is progressing smoothly with several permits already completed at the beginning of this year. The Environmental Impact Analysis (AMDAL) document was issued in mid-February 2026, following the approval for forest area release from the Ministry of Forestry in January.