KUALA LUMPUR, PJBumi Bhd’s 90%-owned subsidiary, PT Indodrill Bumi Perkasa, has entered into a two-year umbrella agreement to provide oil and gas (O&G) well maintenance services to Indonesian operator KSO PT Pertamina-PT Petro Papua Mogoi Wasian.
In a filing with Bursa Malaysia on Monday, PJBumi said the agreement, signed on Oct 24, marks a significant step in strengthening its presence in Indonesia’s upstream O&G sector. The contract runs until Oct 23, 2027.
Under the arrangement, Indodrill Bumi Perkasa will provide a range of well maintenance and related technical services to support the operator’s production activities in the Mogoi Wasian block. The company noted that the value of the agreement cannot be determined at this stage, as it will depend on specific service orders issued throughout the contract period.
KSO PT Pertamina-PT Petro Papua Mogoi Wasian is a joint operating entity formed between PT Pertamina EP — a subsidiary of Indonesia’s state-owned oil company Pertamina — and PT Petro Papua Mogoi Wasian. The partnership manages exploration and production activities within the Mogoi Wasian concession area, located in Indonesia’s eastern region.
PJBumi said the latest agreement reflects the group’s strategic ambition to expand its regional footprint by leveraging its technical expertise through Indodrill Bumi Perkasa, which offers integrated engineering and O&G support services, including well maintenance, workover, and drilling support solutions.
“The collaboration strengthens PJBumi’s position in Indonesia’s upstream services market and aligns with the group’s broader strategy to diversify its revenue base beyond Malaysia,” the company said.
PJBumi also noted that Indodrill Bumi Perkasa is 90%-owned by the group, though it did not identify the owner of the remaining 10% stake.
The company added that the deal is expected to contribute positively to the group’s earnings over the duration of the contract, depending on the volume of work orders received. Shares in PJBumi closed six sen or 2.24% higher at RM2.74 on Monday, giving the group a market capitalisation of RM224.68 million.
