bp signs production sharing contracts for Indonesian offshore blocks

British oil and fuel big BP has signed manufacturing sharing contracts (PSCs) with the Indonesian authorities for 2 offshore oil and fuel exploration blocks.

The 30-year PSCs have been signed for the Agung I and Agung II deep water exploration blocks, which have been included within the second spherical of the 2021 Oil and Gasoline Working Space (WK) Bid Spherical.

The federal government supplied a complete of eight oil and fuel work areas within the bid spherical.

BP Asia Pacific regional president Nader Zaki mentioned: “Our presence in Indonesia is now prolonged from the east in Papua Barat by our Tangguh LNG, the biggest producing fuel area in Indonesia the place we’re additionally progressing considered one of our main CCUS initiatives, to the west in Aceh by our partnership in Andaman II, and now’s complemented by including Agung I and Agung II in East Java.”

Overlaying an space of seven,970km² , the Agung II Block is situated offshore of South Sulawesi, West Nusa Tenggara, and East Java.

The Agung I block is unfold over an space of 6,656km² offshore Bali and East Java.

BP Gasoline and Low Carbon Vitality govt vice-president Anja-Isabel Dotzenrath mentioned: “BP could be very happy with being a strategic vitality companion of Indonesia as one of many largest international direct buyers in [the] nation.”

Dotzenrath mentioned the agency is dedicated to rising its fuel and low carbon enterprise in Indonesia.

In Indonesia, BP operates the Tangguh liquefied pure fuel (LNG) area in Papua Barat. Stated to be the nation’s largest fuel producing area, Tangguh presently accounts for 20% of the nationwide fuel manufacturing.

Following completion of the growth mission, the sphere is predicted to extend its contribution to nationwide fuel manufacturing to over 30%.

The agency additionally holds a 30% curiosity in Andaman II PSC, an offshore Deepwater exploration block in Aceh.

Earlier this month, BP introduced that it’s planning to promote its 50% stake within the Dawn oil sands mission in northern Alberta, Canada, to Cenovus Vitality.