An analysis of publicly available project and corporate data reveals a multi-layered contractual structure for the Hidayah Field Phase 1 Development Project. The primary contract was not awarded directly to PT Petrosea Tbk ($PTRO) nor solely to its subsidiary, PT Hafar Daya Konstruksi (HDK). Instead, the contract was secured by a consortium.
The project owner and contract counterparty is PC North Madura II Ltd., which is identified as a subsidiary of Petroliam Nasional Berhad (PETRONAS) and the sole operator of the North Madura II Working Area offshore East Java. The project, awarded on November 9, 2024, is for the Hidayah Field Phase 1 Development.
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