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ConocoPhillips Extends Contract in Indonesia for Corridor Block Asset, an Industrial Info Market Brief

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The Indonesian Ministry of Energy and Mineral Resources has approved the extension of a contract by ConocoPhillips and its partners for the exploitation of the gas-rich area in South Sumatra known as the Corridor Block. ConocoPhillips, together with its partners Pertamina and Repsol will exploit the block for another 20 years after 2023. The average production of natural gas in the Corridor is 1.1 billion cubic feet per day, which is 12% of the total production of Indonesia. Its condensate and oil production is estimated to be 6,600 barrels per day. In the extended contract, it will utilize the gross-split scheme, which is a more efficient and simpler scheme in managing blocks.

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Industry Segment: Market Brief
Word Count: 114 Words
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