TEMPO.CO, Jakarta - The government has given PT Pertamina (Persero) a 70-percent stake in the Mahakam block. However, Pertamina must provide a maximum of 10 percent of its shares to the Government of East Kalimantan through regionally-owned enterprises.
"Pertamina and the East Kalimantan ROE will have a joint participating interest of 70 percent," said Minister of Energy and Mineral Resources Sudirman Said here on Friday, June 19.
The remaining 30 percent stake, the minister said, goes to Total E&P Indonesie and INPEX Corporation as a token of appreciation to the two companies that have managed the block for almost 50 years since October 1966. Total and INPEX's contracts expire on January 31, 2017
Pertamina will be the majority shareholder of the Mahakam block starting in January 1, 2018.
"Next week, there will be a follow-up discussion to determine the share for the Provincial Government of East Kalimantan," Sudirman said.