BP (LON:BP) will carry out deepwater oil and gas exploration offshore Indonesia after winning the rights to the Agung I and Agung II blocks as part of the nation’s second bid round last year. The move offers a glimmer of hope for Indonesia’s struggling upstream sector that has seen big international firms, such as ConocoPhillips, exit recently.
The Agung I Block covers an area of 6,656 square kilometres deepwater offshore Bali and East Java, while the Agung II Block is in deepwater offshore of South Sulawesi, West Nusa Tenggara and East Java, covering an area of 7,970 square kilometres.
