Marathon may quit exploration block
Monday, May 30 2011 - 04:08 PM WIB
US oil, gas company Marathon Oil Corp. may quit its Indonesian exploration block following disappointing exploration results, an official with upstream oil, gas authority BPMIGAS said on Monday.
?Marathon wants to return Pasangkayu exploration block back to the government,? Deputy Chairman Haposan Napitupulu told Petromindo.Com.
Marathon has drilled two wells in the block, namely Bravo-1 and Romeo-1, both declared dry hole. The block is located offshore Sulawesi.
Marathon is the block?s operator with 70 percent interest.
Haposan also said that Marathon is also looking to reduce its stake at Bone Bay exploration block, also located offshore Sulawesi through farm-out.
Marathon has 55 percent operating interest in Bone Bay with the balance held by Canadian firm Niko Resources. The company plans to start drilling campaign in the block in 2012. (godang)