July 22, 2019 / 9:41 AM / a month ago

Indonesia extends Corridor natural gas block contract for 20 years

JAKARTA, July 22 (Reuters) - Indonesia has agreed to extend the production sharing contract for the Corridor natural gas block with ConocoPhillips, Spain’s Repsol SA and Pertamina, Deputy Energy Minister Arcandra Tahar said on Monday.

The existing contract will expire in late 2023. The ministry has agreed to extend the contract by 20 years and ConocoPhillips will operate the block until 2026 before the company transfers operatorship to state-owned Pertamina, Energy Minister Ignasius Jonan said.

ConocoPhillips’ participating interest in the block will be lowered to 46%, from 54% currently. Pertamina’s interest will increase to 30% from 10% and Repsol will have 24% interest of the block according to the new contract, said Tahar. (Reporting by Wilda Asmarini; writing by Fransiska Nangoy; editing by Christian Schmollinger)

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