REKL, Petronas still in talks over Karapan block interest sale
Friday, October 10 2003 - 03:24 AM WIB
RIMS Energy Karapan Limited (REKL), a local firm which holds 50 percent working interest in Karapan PSC offshore East Java is still in negotiation to sell its interest in the block to its JV partner Malaysian national oil company Petronas Carigali Sdn. Bhd.
?REKL had been willing to farmout 40 percent interest in Karapan block, up from 25 percent it had previously offered,? said Gajah Eko Pireno, general manager of Petronas Carigali RIMS JOC Limited, the operator of Karapan PSC.
Gajah, however, could not say when negotiation would be concluded.
REKL had been seeking to farmout interest in Karapan block due to serious financial difficulties.
Gajah said aside from Petronas, there had also been talks with ExxonMobil, ChevronTexaco and Chinese oil firm Sinopec. ?They have accessed the data room, but thus far had not come back with offer,? said Gajah.
Kaparan block operator had made two hydrocarbon discoveries out of three wells it drilled in 2002.(alex)