“Negotiations have been concluded. Hopefully next week we can sign the contract extension,” the Indonesian energy ministry’s oil and gas director-general Iin Arifin Takhyan said.

The three blocks operated under separate contracts with different expiration dates but all have been extended until 2034. But as part of the agreement, BP will increase the revenue split for the Indonesian government from the current 60% to 62%.

The three fields have combined estimated reserves of 14.4 trillion cubic feet.