Rystad Energy Advisory supported Pertamina Hulu Energi (PHE) on its debut USD 1 billion senior notes offering, the largest Indonesian corporate bond issuance since 2022. Rystad Energy provided independent, data-driven analysis of PHE's operational strengths and ESG positioning, supporting a credible narrative for international investors. The offering closed 2.4x oversubscribed, with orders spanning Asia (43%), the United States (30%) and EMEA (27%).

PHE, the upstream subsidiary of state-owned Pertamina, was making its first entry into international capital markets. Without its parent's global recognition, and under heightened investor scrutiny of fossil fuel issuers, it needed a credible, independent account of its operational strengths and ESG positioning for investors unfamiliar with its operations.

Rystad Energy's analysis complemented the work of PHE's internal investor relations team, combining investor-focused content, deep market context and ESG benchmarking built on a peer risk framework. All deliverables were completed on a compressed timeline, and the report supported PHE in securing competitive market interest rates on its debut.