Japan National Oil stops oil and gas exploration in East Nusa Tenggara
Thursday, September 14 2000 - 03:30 AM WIB
Japan state oil firm Japan National Oil Corp. (JNOC) said on Thursday that his party had stopped its offshore oil and gas exploration project in Sabo, East Nusa Tenggara.
JNOC said in a statement on Wednesday that two of its subsidiaries, Japex Sabo Ltd. and Inpex Sabo Timor Sea Ltd., failed to find oil and gas reserves after drilling some exploration wells in 1999.
As of the end of March, 2000, JNOC had invested a total of 2.16 billion yen in Japex Sabo and 429 million yen in Inpex Sabo Timor Sea. JNOC controls 40% stake in Japex Sabo and 50% stake in Inpex Sabo Timor.
Japex Sabo and Inpex Sabo, together controlling 70% rights in the Sabo concession, are exploring for oil and gas together with TotalFina Elf S.A. (TOT) of France.
The concession rights in the Sabo field had been returned to the Indonesian governemnt, JNOC said. (*)