By Wilda Asmarini

JAKARTA, July 22 (Reuters) - Indonesia has agreed to extend the production sharing contract for the Corridor <a href="http://naturalbiogenicsforskolin.com">Natural Biogenics Forskolin Suppleemnt</a> gas block with ConocoPhillips, Spain's Repsol SA and Pertamina, Deputy Energy Minister Arcandra Tahar said on Monday.

The existing contract will expire in December 2023 and the ministry has agreed to extend the contract by 20 years to 2043.

ConocoPhillips will operate the block until 2026 before starting to transfer operatorship to state-owned Pertamina, Energy Minister Ignasius Jonan said, adding there was no set timeframe for the transfer.

"After a reasonable length of transitional period, ConocoPhillips will transfer (operatorship) to Pertamina," he said.

Bijan Agarwal, president of ConocoPhillps Grissik Ltd, told reporters the arrangement was a "win-win" as the U.S. company would have been operating the block for 40 years by 2023.

The three years unti