PetroChina looking to tap Indonesia's LNG reserves

CNPC arm has technology to extract gas from remote, offshore locations scattered throughout many islands

Once a thriving and lucrative natural resources hub, Indonesia has been struggling to attract investment in recent years because of its declining production, as well as low global oil prices and uncompetitive upstream fiscal terms.

The country's existing oil and gas blocks are aging and its new reserves are in increasingly remote and more technically challenging areas such as deep water. As a result, Indonesia's oil and gas exploration and production sector has been grappling with falling investment in recent years.