PTT pulls out of Merangin I PSC

Thai firm PTT Exploration & Production PCL (PTTEP) announced Wednesday that it had decided to withdraw from Merangin I PSC, onshore South Sumatra.

?Exploration wells that have been drilled in the area have resulted in non-commercial discovery. The completion of withdrawal process is subject to official approval from Indonesian government authorities,? the company said in a statement.

IDX-Listed energy firm PT Medco Energi Internasional operates the block with 41 percent interest, PTTEP through its subsidiary PTTEP Merangin Company Limited has 40 percent and MOECO, a subsidiary of Japan?s Mitsui Oil Exploration hold the remaining.

Currently, PTTEP has two other exploration projects in Indonesia, which are Bengara-1 and Semai II. (denny)