Talisman to abandon E. Java exploration

Canadian oil and gas company Talisman Energy is in the process of abandoning Madura production sharing contract (PSC) area offshore East Java after exploration showed unsatisfactory result, according to industry source.

The source said that Talisman had already informed state owned oil and gas company Pertamina that it was preparing to give the area back to Pertamina.

Talisman was granted Madura PSC in 1997 and holds 100 percent participating interest in the PSC. (alex/godang)