Houlihan Lokey Advises Pertamina

Houlihan Lokey is pleased to announce that Pertamina, through its upstream subholding PT Pertamina Hulu Energi (PHE), has agreed to acquire from Eni a 10% participating interest (PI) in three strategic oil and gas blocks in East Kalimantan, namely North Ganal, Rapak, and East Sepinggan. Through this acquisition, PHE will hold a 10% PI in each of the North Ganal and Rapak blocks while increasing its PI in the East Sepinggan block from 15% to 25%.

Pertamina is Indonesia’s state-owned integrated energy company, with operations spanning the full energy value chain, including oil and gas exploration and production, refining, transportation, and marketing.

Eni is Italy’s key state-owned energy company, with operations spanning the full energy value chain, including upstream, midstream, and downstream, across more than 60 countries. Eni has been active in Indonesia since 2001 and is a major natural gas producer in the country. It continues to expand its presence through new gas developments and strategic partnerships, supporting Indonesia’s domestic energy needs and LNG exports.

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.

Houlihan Lokey served as the exclusive financial advisor to Pertamina.

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