PETRONAS reaches investment decision on Indonesia Hidayah field, regulator says

— Bloomberg

JAKARTA: Indonesia's upstream oil and gas regulator SKK Migas said on Thursday that Malaysia's Petronas has reached a final investment decision 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 $926 million in investment and nearly $2 billion in operation costs. - Reuters