Posco, Indonesia sign contract for oil and gas exploration

The production sharing contract with Jakarta and state-owned PT Pertamina Hulu Energy will give Posco International the rights to explore the Bunga gas block off the eastern Java Island for a period of six years and develop and produce oil and gas in the field for 30 years, the South Korean company said. — Reuters

SEOUL: Posco International Corp says it signed a contract with the Indonesian government and its state oil company to search for and extract oil and gas in the South-East Asian country, as it bolsters the push for energy and resource development.

The production sharing contract with Jakarta and state-owned PT Pertamina Hulu Energy (PHE) will give Posco International the rights to explore the Bunga gas block off the eastern Java Island for a period of six years and develop and produce oil and gas in the field for 30 years, the South Korean company said in a release.