BP PLC - London-based oil major - Receives a 20-year extension of the Tangguh production sharing contract from the government of Indonesia. Under the deal, the Tangguh PSC, consisting of the Berau, Muturi and Wiriagar PSCs will expire in 2055.

BP Executive Vice President Anja-Isabel Dotzenrath says: "This extension reflects bp's long-term commitment to Indonesia. It will allow us to continue to build on the great work that our Indonesia team has been doing - with our partners and the strong support of the government – to deliver much-needed natural gas safely and reliably from Tangguh to Indonesia and other markets. Today's agreement will help open new possibilities for Tangguh's future."

Tangguh is the largest gas-producing field in Indonesia, accounting for around 20% of the country’s gas output. Its joint venture partners include Tokyo-based conglomerate Mitsui & Co. Ltd.

BP explains: "The Tangguh liquefied natural gas project in Papua Barat province, Indonesia, began operations in 2009 and has safely delivered more than 1,450 cargoes of LNG to both local and international markets. Its two LNG production trains have a combined liquefaction capacity of 7.6 million tonnes of LNG a year, and a third train currently under construction is expected to come online next year, increasing Tangguh's production capacity by about 50%."

BP Current stock price: 477.75 pence

12-month change: up 41%

Mitsui & Co current stock price: JPY3,875.00

12-month change: up 44%

By Xindi Wei, Alliance News reporter

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