CNOOC subsidiaries sign PSCs for exploration in Indonesia

CNOOC Limited announced on Tuesday 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, it said.

The total area of the two blocks is approximately 12,000 square kilometers. According to the terms of the contracts, the first stage of the exploration will take place over three years.