Petronas, has agreed to pay $6 per million British thermal units of natural gas from the Natuna B Block during the 2012-2022 period, Gde Pradnyana, spokesman of oil and gas regulator BPMigas, said Thursday.
The price of the gas was previously $3.1/mmBtu.
Indonesia stands to gain $1 billion more from the price hike. The operator of the block, ConocoPhilips (COP), has been supplying gas to Petronas since 2002, Pradnyana said.
BPMigas is actively renegotiating gas prices with local and foreign buyers following a surge in oil prices worldwide in recent years.
Source : Wall Street Journal
