Pacific Oil cancels plan to quit N. Sumatra exploration block
Wednesday, June 9 2010 - 02:37 AM WIB
Pacific Oil & Gas Indonesia cancels plan to divest its entire interest in Kisaran block onshore North Sumatra, a government official said on Tuesday.
Upstream Director at the Ministry of Energy and Mineral Resources Eddy Hermantoro said that the Company decided to retain operatorship. ?The Company is considering option to farm-out part of interest in the block to other parties,? he said.
The Company, which is a unit of Hong Kong ?based firm Pacific Oil& Gas, which is controlled by palm oil and pulp and paper tycoon Sukanto Tanoto has 100 percent stake in the block.
The block has an oil discovery called Parit Minyak-1. (bernard)