The Tangguh project is one of the largest investments in Indonesia. The deal secures the future of the scheme, which is operated and 50 per cent owned by BP.
CNOOC is confident enough to acquire a 12.5 per cent stake in the Tangguh project as part of the deal.BP has not decided yet how much of its stake in the project will be sold to CNOOC and how much will come from other project partners.
Construction is expected to begin this year, with the first gas to be piped out in 2006.
Tangguh is expected to produce some 7m metric tonnes of LNG a year.
In response to the unlawful December 1 arrest and detention of Chinese tech giant Huawei's chief financial officer Sabrina Meng Wanzhou by Canadian authorities in Vancouver at the behest of the Trump regime, facing possible unacceptable extradition to the US, Beijing warned its high-tech personnel last month against traveling to America unless it's essential.
Rescuers found the pilot of one of the two Su-34 fighters that had collided in midair in the Far East on January 18