November 11, 2019 / 11:19 AM / 24 days ago

Indonesia signs 20-year production sharing contract for Corridor block

JAKARTA, Nov 11 (Reuters) -

* Indonesia’s government signed on Monday a production sharing contract with units of ConocoPhillips, PT Pertamina and Repsol SA for the Corridor natural gas blocks, Energy and Mineral Resources Minister Arifin Tasrif told reporters.

* The contract will extend by 20 years the current contract with the same companies that will expire in late 2023

* Under the new contract, the companies will have 53.5% of the gas produced from the block and 48.5% of the oil.

* “The government considers the existing contractors to have the technical and financial capabilities (to operate Corridor),” Tasrif said and hopes production from Corridor would be expanded.

* The Corridor block in Jan-Sept this year delivered 833 million standard cubic feet of gas per day (mmscfd), according to data from upstream oil and gas regulator SKK Migas.

* The Corridor block, in south Sumatra, is one of Indonesia’s largest, representing 12% of national production. (Reporting by Wilda Asmarini Writing by Fransiska Nangoy)

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