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BP Plc contract extended for Tangguh gas field.

After protracted negotiations, the government finally agreed to extend the contract of BP Plc for the Tangguh gas field in Papua until 2034 BP, which is the operator of a liquefied natural gas (LNG) now being built in Tangguh needs the extension as it will serve long term LNG supply contracts that will last after its present contract ends in 2015. Negotiations have been trashed out and the contract extension is awaiting only for approval of the energy and mineral resources minister, Oil and Gas Director General Iin Arifin said. Arifin said the government will receive US$15 million for the contract extension and the production split for the government is increased from 60% to 62%. (BI/11/01/05)
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Title Annotation:CORPORATE NEWS IN BRIEF
Publication:Indonesian Commercial Newsletter
Date:Jan 11, 2005
Words:120
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