Premier has yet to find buyer for NW Natuna PSC

British energy firm Premier Oil had yet to find buyers for some of its interest in the North West Natuna Block 1 production sharing contract (PSC) area in the South China Sea, Robin Allan, president of the company?s Indonesian unit, Premier Oil Indonesia, said Tuesday.

The company has been putting 50 percent of its interest in the PSC on offer for several months.

State-owned oil and gas company Pertamina?s data say Premier acquired 100 percent interest in the block after signing a contract with the state company in 1997.

According to Indigopool.Com, Premier has carried out substantial exploration efforts in the block. Drillings at the Ande-Ande Lumut I well in April 2000 resulted in the discovery of a large accumulation of oil within the sandstone reservoir of the Oligocene Gabus formation along trend with Malaysian oil fields across the nearby international boundary.

The block has a comprehensive inventory of undrilled prospects in its 4,448 square-kilometer area, Indigopool said. (Alex)