Marathon quits deepwater exploration block
Tuesday, August 9 2011 - 02:28 AM WIB
US oil, gas firm Marathon Oil Corp. has formally notified government and partner over plans to quit Pasangkayu exploration block offshore Sulawesi following failure to make discovery.
?Discussions continue and we are awaiting a government response,? the company said in a filing with the SEC on Monday.
Marathon has drilled two wells in the block, namely Bravo-1 and Romeo-1, both declared dry hole.
Marathon has 70 percent interest in the block with the balance held by Canadian oil, gas firm Talisman Energy.
Marathon also said it planned to shift from an operating to a non-operating position in both the Bone Bay and Kumawa PSCs over the coming year. Marathon's partner in both blocks is Canadian oil, gas firm Niko Resources. (alex)