Indonesia has renewed the ConocoPhillips-operated Corridor production sharing contract in South Sumatra, but state-run oil company Pertamina will eventually takeover the reins.

The PSC was set to expire in 2023 but it will now be extended until 2043 under Indonesia’s gross split fiscal regime.

This will see the joint venture receive a 53.5% share of gas revenues and 48.5% of oil revenues, while they will also pay a $250 million signature bonus.

The PSC partners will also commit to spending an additional $250 million over the first five years of the new term.