The Upstream Oil and Gas Special Regulatory Task Force (SKK Migas) signed the production-sharing contract (PSC), worth US$12.14 million, in Jakarta on Monday.

“Considering BP and Petronas’s capabilities and experience as international oil companies with ever-growing oil and gas production in Indonesia, we believe they will invest sustainably and fulfill the commitments made in the working areas,” SKK Migas head Dwi Soetjipto said in a statement issued on Monday.

All three working areas were offered by the government through the second phase of a direct bidding scheme in 2021. The winners of the auction were announced on March 18.

BP will manage Agung I and Agung II, working areas estimated to have 985 billion cubic feet (BCF) and 16.7 trillion cubic feet (TCF), respectively, in recoverable sources.

Meanwhile, Petronas Carigali Ketapang II, a subsidiary of Petronas, will manage the North Ketapang working area, estimated to have recoverable resources of 270 million barrels of oil and 1.5 TCF of natural gas.

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