CNOOC Limited has announced its wholly owned subsidiaries have entered into two Production Sharing Contracts (PSCs) for exploration blocks in Indonesia with SKK Migas, the subsidiaries of other Tangguh partners, EnQuest and Agra.
The contracts were signed for Gaea and Gaea II exploration blocks, which are mainly located both onshore and offshore in southern Papua Barat Province, in proximity to the Tangguh LNG project. The total area of the two blocks is approx. 12,000 sq kms. According to the terms of the contracts, the first stage of the exploration period shall be 3 years.
In April 2025, the Indonesian government confirmed the winning bidders for Gaea, Gaea II exploration blocks. The Tangguh partners (including BP Exploration Indonesia Limited, MI Berau B.V., ENEOS Xplora Inc., CNOOC Southeast Asia Limited, Indonesia Natural Gas Resources Muturi Inc. and KG Wiriagar Petroleum Ltd.) jointly hold 40% non-operating interests, of which the wholly owned subsidiaries of the Company hold 5.56% interests in the two blocks. EnQuest holds 40% operating interests and Agra holds 20% non-operating interests.
Source: CNOOC Ltd
