May 27, 2026 [Storage Terminals Magazine]- bp and its partners have signed three Production Sharing Contracts (PSCs) in Indonesia, increasing the company’s participation in the country’s oil and gas sector to a total of 11 blocks.

Two of the PSCs cover the Bintuni and Drawa exploration blocks located near the bp-operated Tangguh LNG facility in Papua Barat, a location that could enable shorter-cycle resource development due to its proximity to existing infrastructure. bp also confirmed its participation in the INPEX-operated Barong block in East Java.

The agreements were signed as part of the second Indonesia Petroleum Bidding Round 2025, hosted by Indonesia’s Ministry of Energy and Mineral Resources. The contracts were signed between bp and the Government of Indonesia, represented by SKK Migas, in the presence of Minister of Energy and Mineral Resources Bahlil Lahadalia.

William Lin, executive vice president for gas and low carbon energy at bp, said the agreements reflect the company’s continued investment in Indonesia’s energy security and economic growth. He noted that the proximity of the Bintuni and Drawa blocks to bp’s existing infrastructure could support potential future development and production opportunities, subject to exploration success.

Lin also highlighted that 2026 marks bp’s 60th year operating in Indonesia and said the company intends to continue supporting the country’s energy resilience and development goals through collaboration with government authorities and project partners.

The PSCs were signed during the Indonesian Petroleum Association Convention & Exhibition 2026.

Partners involved in the Bintuni and Drawa blocks include CNOOC Southeast Asia Limited, MI Berau B.V. — a joint venture between INPEX CORPORATION and Mitsubishi Corporation — and Indonesia Natural Gas Resources Muturi, Inc., an LNG Japan Corporation company.

Following the agreement, bp holds a 49 percent stake in the Barong block, while INPEX CORPORATION retains a 51 percent interest and operatorship.