Indonesia Extends Corridor Oil, Gas Block PSC

The Indonesian government has agreed to extend the production sharing contract (PSC) for the Corridor gas block in south Sumatra, the country’s ministry for energy and mineral resources said in a statement July 22.

The PSC expires in December 2023 and has now been extended by 20 years. The block is operated by ConocoPhillips, whose working interest will be slashed to 46% from 54% at present as per the new contract. Other interest holders are Repsol (24%), and Pertamina (30%). 

According to ConocoPhillips, the block consists of two producing oilfields and seven gas fields. The oilfields are Suban Baru and Rawa, and the main gas fields are Suban, Sumpal and Dayung.

Natural gas produced from the block is sold under long-term contracts to the domestic and Singapore markets.