The contracts were signed at the 29th Indonesian Petroleum Association (IPA) Conference and Exhibition and were awarded to PT Medco Energi Internasional Tbk, PT Sele Raya, Sebana Ltd (a consortium of KNOC, Nemone Ltd, Petrovietnam Investment and Development Company and SK Corporation), a consortium of KNOC and Petrovietnam, PT Eksindo South Madura, Santos Pty Ltd., Provident Energy Indonesia LLC and Orna International Ltd. The companies involved are given a six-year exploration period and up to 33 exploration wells will be drilled.

The contractors won the concessions in open tender and helped bring the total number of PSCs - so far this year - to 17. Last year, only one contract was signed. The entire deal is expected to net the Indonesian government around US$ US$170.27 million and Yusgiantoro feels that the deals will help boost the ailing oil and gas sector.

Furthermore, the Indonesian government is offering 10 more oil and gas blocks at Lhokseumawe, onshore and offshore Ujungkulon, offshore East Java (North East Madura III, IV, and V), offshore Rote Island, East Nusa Tenggara (Rote I and II), Babar block (offshore Babar Island, Maluku), Selaru (offshore Selaru Island, Maluku), and Manokwari block (offshore and onshore Berau, Papua). All bids for these blocks must be in by June 30, 2004.