Petronas no longer interested in Natuna

By Godang Sitompul

Malaysian firm Petroliam Nasional Berhad (Petrons) said it is no longer interested in cooperating with state owned oil and gas firm PT Pertamina to develop the East Natuna block in South China Sea.

Petronas has decided to pull out of the consortium that plans to develop the block as it wants to concentrate on its assets in Canada.

"The time is not right. We decide not to take particularly in Natuna. We decide the time is not to engaged in Natuna. We focuses in Canada,we are growing in Canada," said Dato' Wee Yiaw Hin Executive Vice President and Chief Executive Officer Upstream Petronas told Petromindo.com

After Petronas has decided to pull out of East Natuna, there are now three partners left in the block, namely Pertamina, ExxonMobil and Total Indonesie.

Dato? Wee said he believed the three companies are capable of developing the block.

He said Petronas is still interested in developing Indonesia?s oil and gas potentials.

?We shall no longer go to frontier areas, to the areas that have not been developed. We are looking for oil and gas potentials that have been proven,? he said.

Editing by Johannes Simbolon