The phase of investigation will extend over a span of three years.
CNOOC Limited has stated that its fully owned subsidiaries have signed two Production Sharing Agreements (PSAs) for exploring areas in Indonesia.
In a press release, CNOOC mentioned that the agreements, concluded with SKK Migas, the affiliates of other Tangguh stakeholders, EnQuest, and Agra, pertained to the Gaea and Gaea II exploration areas.
The blocks are primarily found either on land or off the coast within the southern region of West Papua province, near the Tangguh LNG facility. The combined area of these two blocks covers roughly 12,000 square kilometers.
As per the contract conditions, the initial phase of the exploration period will last for three years.
