CNOOC Limited Expands Indonesian Presence with New PSCs for Exploration Blocks

CNOOC Limited, a leading Chinese oil and gas company, has announced that its subsidiaries have signed production sharing contracts (PSCs) for several exploration blocks in Indonesia. This move marks a significant milestone in the company’s regional expansion and reinforces its commitment to exploring and developing new energy resources in the Asia-Pacific region. The PSCs were signed with the Indonesian government, represented by the Ministry of Energy and Mineral Resources, and cover a total area of approximately 10,000 square kilometers. The exploration blocks are located in the Indonesian waters of the Java Sea and the Makassar Strait, which are known for their rich hydrocarbon reserves. CNOOC Limited’s subsidiaries will operate the blocks and conduct exploration activities, including seismic surveys and drilling, to identify potential oil and gas reserves. The company will also work closely with local partners and stakeholders to ensure that the exploration and development activities are conducted in a responsible and sustainable manner. The signing of the PSCs is a testament to the strong partnership between CNOOC Limited and the Indonesian government, and demonstrates the company’s confidence in the country’s oil and gas sector. Indonesia is a key market for CNOOC Limited, and the company has been actively exploring and developing oil and gas resources in the country for several years. The new PSCs will further strengthen CNOOC Limited’s presence in Indonesia and contribute to the country’s energy security. The company’s expansion in Indonesia is also expected to create new job opportunities and stimulate local economic growth. CNOOC Limited’s subsidiaries have a proven track record of operating in Indonesia, and the company is committed to applying its expertise and technology to unlock the full potential of the exploration blocks. The PSCs are expected to be effective for a period of 30 years, with an option to extend for an additional 20 years. During this period, CNOOC Limited’s subsidiaries will conduct exploration and development activities, and will also be responsible for the production and sale of any oil and gas discovered. The company will also pay royalties and taxes to the Indonesian government, in accordance with the terms of the PSCs. The signing of the PSCs is a significant milestone for CNOOC Limited, and demonstrates the company’s commitment to expanding its presence in the Asia-Pacific region. The company is expected to invest heavily in the exploration and development of the blocks, and will also work closely with local partners and stakeholders to ensure that the activities are conducted in a responsible and sustainable manner. The Indonesian government has welcomed CNOOC Limited’s investment in the country’s oil and gas sector, and has expressed its appreciation for the company’s commitment to exploring and developing new energy resources. The government has also pledged to provide support and assistance to CNOOC Limited’s subsidiaries, to ensure that the exploration and development activities are conducted smoothly and efficiently. The signing of the PSCs is also expected to have a positive impact on the local economy, and will contribute to the country’s energy security. CNOOC Limited’s expansion in Indonesia is a significant development for the company, and is expected to have a major impact on the regional oil and gas industry. The company’s commitment to exploring and developing new energy resources in Indonesia is a testament to its confidence in the country’s oil and gas sector, and demonstrates its commitment to contributing to the country’s energy security. The PSCs are a significant milestone for CNOOC Limited, and mark a major step forward in the company’s regional expansion. The company is expected to continue to invest heavily in the exploration and development of the blocks, and will work closely with local partners and stakeholders to ensure that the activities are conducted in a responsible and sustainable manner.

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