Raharja Energi Eyes Profit Surge After Madura Block Deal
Key Takeaways
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JAKARTA, Investortrust.id — PT Raharja Energi Cepu Tbk or RATU, a Jakarta-listed oil and gas company, expects profit to rise significantly after securing a 20% participating interest in the Madura Block on Saturday, Feb 21, 2026 in Jakarta, as part of its expansion strategy in Indonesia’s upstream oil and gas sector, with financial contributions projected to start in the first half of 2026 and strengthen recurring income.
Management of RATU said the acquisition of a 20% stake in Husky-CNOOC Madura Limited would materially boost earnings once the transaction is completed.
President Director Sumantri said the economic interest would be effective from Jan 1, 2026, allowing the company to book contributions for the full year despite a targeted closing in May 2026.
“Of course the Madura Block will have a direct impact, because once we enter, the economic interest since January 1, 2026 already belongs to us. The amount is significant, and financially I believe the contribution will be close to that of the Cepu Block to our ownership,” Sumantri said during a virtual discussion titled Potential of RATU Issuer in the Era of Energy Resilience on Saturday, Feb 21, 2026.
The acquisition was won through a tender process at the end of 2025, and the share sale and purchase agreement had been signed with completion targeted for May 2026 pending shareholder approval.
Shareholder Approval Required
Sumantri explained that under capital market regulations, transactions exceeding 50% of net assets require approval from shareholders at an extraordinary general meeting, which was scheduled for around May 2026.
He noted that despite the pending approval, the contractual structure stipulated that the 20% participating interest would generate economic rights starting from Jan 1, 2026.
HCML is a joint venture involving China’s CNOOC and Canada’s Husky Energy, with previous ownership by Samudra Energy now held by a Singapore-based entity.
RATU’s business model focuses on holding participating interests in oil and gas blocks, either directly or indirectly through joint ventures.
Direct interests allow the company to record proportional revenue, while indirect stakes generate dividend income booked under other income.
“RATU has a simple business model. Whether direct or indirect, the difference lies in the cash flow mechanism and accounting treatment. Direct interests book proportional revenue, while indirect ones contribute through dividends,” he said.
The company currently operates in three main assets including the Jabung Block, where it holds an 8% direct participating interest alongside PetroChina as operator and partners such as Petronas and Pertamina.
In the Cepu Block, RATU owns 2.24% indirectly through a joint venture with a regional government-owned enterprise in East Java, with contributions recorded as dividend income.
As of the third quarter of 2025, RATU posted net profit of $11.9 million on revenue of $37.61 million.