BP pulls out from Kalimantan CBM projects
Thursday, April 17 2014 - 02:29 AM WIB
UK giant BP plc has completed its exit from the Kapuas I, II and III CBM PSCs, South Kalimantan in May 2013 by transfer of its working interest to its respective partner in each PSC, according to company's Annual Report on Form 20-F for 2013 released recently.
In April 2011, BP and co-owner Indonesian firm PT Sugico Graha were jointly awarded the three CBM PSCs through a direct offer mechanism. BP holds a 45% participating interest in the PSCs with Sugico holding the balancere.
Sugico has made a cooperation with Korean-based Drilling Services International, Inc for CBM drilling technology joint study at Sugico's CBM working areas. According to the Korean company, it has been carrying out drilling project at the Kapuas areas since May 2013.
BP also has a 38-percent and 44-percent participating interest in the Sanga-Sanga PSC, East Kalimantan and Tanjung IV CBM PSC, South Kalimantan, respectively.
Editing by Alexander Ginting