Petronas withdraws from East Natuna project
Monday, February 27 2012 - 02:31 AM WIB
Muhammad Husen, state owned oil and gas company Pertamina?s director for upstream operation confirmed over the weekend that Petronas had decided to pull out from the East Natuna oil project because it was not the company?s business priority.
With the withdrawal of the Malaysian company, Pertamina as the operator would cooperate with existing partners Esso Natuna Ltd and Total E&P Activities Petrolieres to develop the East Natuna gas field.
?It is true Petronas has withdrawn. The reason is because the project is not one of their priorities,? Husen said.
Meanwhile the Director General of Oil and Gas at the Energy and Mineral Resources Ministry, Evita Herawati Legowo, declined to comment on the Malaysian company?s withdrawal. ?It is their business,? she added.
In August 19, 2011, Pertamina and its partners Petronas, Esso Natuna Ltd and Total E&P Activities Petrolieres signed Principles of Agreement (PoA) on the development of the East Natuna. The POA is an initial agreement which will be used as the basis for the issuance of a production sharing contract (PSC) from the government. (*)