ExxonMobil seeks partners to develop CBM project

The United States-based oil and gas giant ExxonMobil is seeking new partners to further develop the company?s coal bed methane (CBM) concession area in South Kalimantan, Kontan reported on Tuesday.

The company?s vice president for public and government affairs Erwin Maryoto said in Jakarta on Monday that the company had so far drilled six wells in some potential locations in the concession area.

The company is seeking for new partners to jointly develop the project. ?It is normal in oil and gas industry to cooperate with other firms in order to spread risks. We are now also seeking partners,? Erwin said.

At present, ExxonMobil teams up with PT Sugico Graha in developing the CBM concession area in South Kalimantan. ExxonMobil holds a 49 percent interest in the project, and Sugico controls the other 51 percent.

ExxonMobil has begun exploration activities in the South Kalimantan CBM concession area since last year and at present it is on evaluation process. ?In the evaluation process, we will determine whether it is economically feasible to further develop the CBM project,? he added. (*)