Total to relinquish Papua exploration block
Friday, May 30 2014 - 04:09 AM WIB
French oil giant Total SA most likely will relinquish Southwest Bird?s Head PSC in West Papua after drilling one dry hole in the block.
A Petromindo.Com source said that the company?s Indonesian unit Total E&P Indonesie (TEPI) has internally started process for relinquishment.
TEPI drilled Anggrek Hitam 1X exploration well in 2013 within the PSC and failed to discover commercial hydrocarbon. The company has commitment to drill only one exploration well in the block.
The PSC was awarded to Total in August 2011. The exploration block is located in the on-offshore Salawati Basin of the Province of West Papua, covering an area 7,176 sq km.
Total has 90% interest in the block with local energy conglomerate Indika Group holds the balance.
Editing by Alexander Ginting