PHE and Eni signed a Sale and Purchase Agreement (SPA) in October 2026. This strategic transaction strengthens Pertamina's position in one of Indonesia's most important gas production and deepwater development hubs, while providing access to a portfolio of producing fields, development projects, and significant exploration potential.
The acquisition forms part of Pertamina's strategy to strengthen national energy security while increasing oil and gas reserves and production through the development of a high-quality asset portfolio with long-term growth potential.
The blocks included in this transaction are located in one of Indonesia's strategic oil and gas regions, supported by integrated upstream and downstream infrastructure and substantial potential for further resource development. Pertamina's participation as the National Oil and Gas Company (NOC) in these assets is expected to directly support and accelerate the Kutei North Hub Project (North Ganal and Rapak Blocks), which has been designated as a National Strategic Project and is connected to Pertamina's existing infrastructure.
The project is expected to contribute additional production while creating opportunities for synergies with Pertamina's existing operations in East Kalimantan, including potential collaboration with PT Badak NGL.
President Director of PHE, Sunaryanto, stated that the successful transaction represents a strategic milestone in ensuring the sustainability of Indonesia's oil and gas production.
"This acquisition is part of PHE's strategy to continuously strengthen its upstream oil and gas portfolio through investments in assets with strong fundamentals, substantial resource potential, and the ability to generate added value for both the company and the nation. Pertamina's presence in these blocks will also further enhance synergies in oil and gas development across East Kalimantan," said Sunaryanto.
In addition to contributing additional production and reserves, this investment holds strategic importance in supporting the optimisation of gas, LPG, and LNG infrastructure utilization in East Kalimantan, including strengthening the continuity of domestic gas supply chains and maximising the utilisation of national LNG facilities.
The acquisition also creates opportunities for Pertamina to participate more actively in field development and exploration programs across the region. The remaining resource potential is expected to become one of PHE's key drivers of production growth over the medium to long term.
The successful transaction is aligned with PHE's strategy of pursuing both organic and inorganic growth through exploration activities, the development of existing fields, and the acquisition of strategic oil and gas assets that generate added value and strengthen Indonesia's energy security.
PHE remains committed to upholding the principles of Good Corporate Governance (GCG), prudent investment practices, and the implementation of Health, Safety, Security, and Environment (HSSE) standards across all its operations and investment activities.
Through this strategic initiative, Pertamina reaffirms its commitment to contributing to Indonesia's national oil and gas production targets while ensuring a sustainable energy supply for the country.
Pertamina Hulu Energi will continue investing in sustainable upstream oil and gas operations and business activities in accordance with Environmental, Social, and Governance (ESG) principles. PHE also consistently upholds integrity by strengthening its compliance culture, implementing sound corporate governance practices, and reinforcing fraud prevention measures to foster a professional, transparent, and ethical working environment.
