Lundin relinquishing Rangkas block
Tuesday, October 2 2012 - 08:32 AM WIB
Swedish independent firm Lundin BV is in the process of relinquishing the Rangkas block in Banten.
?The block is in the process of termination. Lundin has met all its commitment. However, they have decided to relinquish the block in view of too high risks,? Widiyawan Prawiraatmadja, Planning Deputy at upstream authority BPMIGAS, said on Tuesday.
He noted however Lundin will continue holding its other assets in the country.
According the company?s website, Lundin is the operator of the block with 51 percent interest with partners including Carnarvalon Petroleum (25 percent) and Tap Energy (24 percent). The firm?s other assets in Indonesia are Baronang, Cakalang, Gurita Sareba (all the blocks are wholly owned by the firm), Lematang (25.8824 percent, in partnership with operator PT Medco Energi Internasional), and South Sokang (operator 60 percent, in partnership with Salamander Energy).
Meanwhile, according to BPMIGAS? Head R. Priyono, Lundin?s top executives are reportedly planning to meet Minister of Energy and Mineral Resources Jero Wacik.
?That?s what I heard. I don?t know what they want. Let?s find it out later,? Priyono said.
Editing Johannes Simbolon