The U.S. giant oil and gas company ExxonMobil is ready to discuss for renewing its rights to operate on the major offshore gas field Natuna off Indonesia's Borneo island, the company said in Jakarta Friday.

After terminating contract with ExxonMobil last month, Indonesia has given a top priority to the company to reach a new deal on operating agreement for the field containing around 222 trillion cubic feet of gas.

"We are ready for a discussion on those issues (operational)," ExxonMobil Oil Indonesia vice president for planning, commercial and external relations Maman Budiman told Xinhua.

The vice president said the discussion would comprise terms and conditions of developing the block.

The Head of Indonesian oil and gas regulating body BP Migas Kardaya Warnika, quoted by the leading Kompas daily as saying here Friday that the negotiation will be carried out this month and targeted to be concluded in January next year.

He said that the proportion of the production sharing will be changed.

Last month, Indonesian Mines and Energy Minister Purnomo Yusgiantoro said that the government end the contract with the company due to its failure to submit a plan for developing the block and selling the gas, which has a high ratio of carbon dioxide that makes it difficult to extract to the regulator.

On Thursday, Indonesian Vice President Jusuf Kalla defended the government's decision to terminate the contract in October because the company had not done much on the block since the contract was signed in 1985.

Source: Xinhua