Hess to relinquish exploration block
Wednesday, May 7 2014 - 03:17 AM WIB
US oil, gas firm Hess Corp. is in the process of relinquishing Timor Sea 1 exploration block in Timor sea, according to an official with upstream oil, gas authority SKKMigas.
Spokesperson Zudaldi Rafdi told Petromindo.Com on Tuesday that Hess has submitted request to relinquish Timor Sea 1 blocks and the ministry of energy and mineral resources is in the process of reviewing the request.
Hess has 100% interest in Timor Sea 1 block, which was awarded in late 2011.
Hess is pulling out from Indonesia and has sold its Indonesian assets to several companies.
If the relinquishment is approved, Hess? remaining asset in Indonesia will be a 49% non-operating interest in West Timor PSC, onshore/offshore East Nusa Tenggara.
Editing by Alexander Ginting