United Kingdom-based BP Public Limited Company (BP) has signed a 30-year production sharing contracts (PSC) with the Government of Indonesia for the Agung l and Agung ll deep-water oil and gas exploration blocks. The oil blocks are mostly underexplored with significant potential for natural gas resources.
Located offshore Bali and East Java, the Agung I Block covers an area of 6,656 sq km while the Agung II Block is located in deep-water offshore of South Sulawesi, West Nusa Tenggara and East Java covering an area of 7,970 sq km.
The two blocks were awarded to BP in March 2022 as part of the second round of 2021 Oil and Gas Working Area Bid Round. The Government of Indonesia requires around USD187 billion of investments in its upstream sector to meet its target of achieving 1 million barrels of oil and 12 billion cubic feet of gas daily by 2030.