Lundin to relinquish blocks
Thursday, August 7 2014 - 12:58 AM WIB
By Romel S. Gurky
Swedish independent oil, gas firm Lundin Petroleum plans to relinquish two exploration block offshore Natuna after failing to encounter commercial hydrocarbon.
The company?s Q2 Report released on Wednesday revealed that the company is planning to relinquish interest in Baronang and Cakalang blocks.
The company has drilled two wells in Baronang blocks namely Boni-1 and Balqis-1 but of which were declared as dry holes.
Lundin has yet drilled any well in Cakalang block, which is located immediately adjacent to Baronang.
Lundin operates Baronang and Cakalang blocks with 85% and 90% interest, respectively with the balance held by Australian firm Nido Petroelum.
Editing by Alexander Ginting