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ConocoPhillips wins Corridor PSC extension in Indonesia
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Report summary
ConocoPhillips' Corridor PSC, onshore Sumatra, has been extended by 20 years. The PSC, scheduled to expire in 2023, currently produces 830 mmcfd, around 15% of Indonesia’s gas output. It is the country’s second largest gas-producing PSC. Corridor is the last of the ‘big three’ license expiries to be decided, the big difference here being that the incumbent operators of the other two PSCs - Offshore Mahakam (Total) and Rokan (Chevron) – both lost out to PERTAMINA. What statement is the Government of Indonesia making by awarding Corridor to the incumbent? We see a new pragmatism at play following recent national elections. This decision, combined with the approval of INPEX’s PoD for Abadi LNG, suggests retaining IOC expertise and capital is once again on the government’s radar.
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