Prajogo Pangestu Issuer (PTRO) Signs Nearly Rp1 Trillion Contract in Masela

Jakarta, CNBC Indonesia — Prajogo Pangestu issuer, PT Petrosea Tbk (PTRO), has signed a contract for a liquefied natural gas (LNG) project in the Masela Block. The value of the contract reaches Rp989 billion.

Petrosea, together with PT Enviromate Technology International and PT Nindya Karya (Persero), signed the Onshore LNG Perimeter Construction Works contract with INPEX Masela Ltd on 2 March 2026.

This project is one of the strategic gas and LNG development initiatives located in the Abadi Field, Masela Block, Tanimbar Islands, Maluku. The project is expected to play a role in supporting national energy resilience.

The estimated contract value is around Rp989 billion with an estimated contract duration of 36 months. Petrosea’s participation share in the consortium is 36 per cent, as stated in the official release, quoted on Thursday (26/3/2026).

The scope of work for this project includes, among others, the construction of perimeter fencing and public expansion road, the construction of diversion roads and relocation of existing electrical networks, as well as the option for constructing a pioneering jetty and a mini Intensive Vital Care Unit (IVCU).

As is known, the Abadi Field in the Masela Block is an offshore gas field with Indonesia’s largest gas reserves, located approximately 160 kilometres off the coast of Yamdena Island in the Arafura Sea with a sea depth of 400-800 metres. The gas potential from the Abadi Field is estimated at 6.97 trillion cubic feet (TCF) of gas.

The Masela Production Sharing Contract (PSC), signed in 1998 and extended until 2055, has the potential to produce 9.5 MMTPA (million metric tonnes per annum) of LNG and 150 MMSCFD (million standard cubic feet per day) of pipeline gas. In addition, the Abadi Field is estimated to produce 35,000 barrels per day of condensate.