Shell Completes Sale of 35% Stake in Indonesia’s Masela Block and Abadi Gas Project

Shell Completes Sale of 35% Stake in Indonesia’s Masela Block and Abadi Gas Project

(IN BRIEF) Shell Upstream Overseas Services (SUOS) has successfully completed the sale of its 35% participating interest in Indonesia’s Masela Production Sharing Contract (Masela PSC) to PT Pertamina Hulu Energi and PETRONAS Masela Sdn. Bhd (Petronas Masela). This divestment includes the Abadi gas project and was approved by Indonesia’s Ministry of Energy and Mineral Resources. Shell’s focus remains on disciplined capital allocation, with continued activity in Indonesia’s downstream and low-carbon fuel sectors.

(PRESS RELEASE) LONDON, 19-Oct-2023 — /EuropaWire/ — Shell Upstream Overseas Services (I) Limited (“SUOS”), a subsidiary of Shell plc, has completed the previously announced sale of its 35% participating interest in Indonesia’s Masela Production Sharing Contract (“Masela PSC”) to Indonesia’s PT Pertamina Hulu Energi and PETRONAS Masela Sdn. Bhd (“Petronas Masela”).

The sale includes the Abadi gas project. Completion of the sale follows regulatory approval from Indonesia’s Ministry of Energy and Mineral Resources for the transfer of SUOS’ stake to PT Pertamina Hulu Energi Masela and Petronas Masela.

This divestment is in line with Shell’s focus on disciplined capital allocation. Shell remains active in Indonesia’s downstream and low-carbon fuel sectors.

Notes to editors

• INPEX Corporation (“INPEX”) holds a 65% operating interest in Masela PSC and is the operator of the Abadi gas project. This is located in the Masela block, 150 kilometers offshore Saumlaki in Maluku province, Indonesia.
• SUOS acquired its interest in the Masela PSC in 2011.
• Shell companies in Indonesia manage Downstream businesses, which include mobility, lubricants and marine. In November 2022, Shell Indonesia completed the expansion of its Lubricant Oil Blending Plant, which doubled its production capacity, to produce up to 300 million litres lubricants products a year. Shell’s Mobility business manages more than 200 fuel stations in Indonesia as of September 30, 2023. For more information, please visit https://www.shell.co.id/en_id.html

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Forward-Looking Statements

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Shell’s net carbon intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-Zero Emissions Target

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Forward Looking Non-GAAP measures

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SOURCE: Shell plc