JAKARTA: Indonesia’s upstream oil and gas regulator SKK Migas says that Malaysia’s Petroliam Nasional Bhd or PETRONAS has reached a final investment decision or FID for its Hidayah field project in East Java province.
SKK Migas in a statement said it expected the Hidayah field to be on stream in the first quarter of 2027 and would produce 88.55 million stock tank barrels until 2041.
SKK Migas did not provide the final investment value of the project.
In 2023, SKK Migas said Hidayah field development would require US$926mil in investment and nearly US$2bil in operation costs.
Under the approved development plan, the Hidayah field, part of the North Madura II block, is expected to be onstream in early 2027 with initial production of 8,973 barrels of oil per day (bpd) and reaching peak production in 2033 with 25,276 bpd. — Reuters
