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Exxon Withdraws from East Natuna Block Consortium

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19 July 2017 10:36 WIB

Exxon logo. AP/LM Otero

TEMPO.CO, Jakarta - Exxon has withdrawn from the East Natuna block consortium, the Energy and Mineral Resources Ministry said.

“So, based on its calculation, that’s the decision. Exxon will be summoned, maybe next week,” said I Gusti Nyoman Wiratmaja, Director General of Oil and Gas, at his office yesterday.

Aside from Exxon, the consortium consists of state-owned oil and gas company Pertamina and Thailand-based PTT EO. The companies conducted a technical and commercial feasibility study in early 2016. The management study has been initiated by Pertamina as part of the principle of agreement (PoA) with the government. The agreement will end in 2018.

Vice President of Public and Government Affairs of Exxon Erwin Maryoto has confirmed the report that the company is not keen on continuing its activity in East Natuna. The decision was made after the company concluded the feasibility study. Erwin told Reuters that the company remains committed to operating and seeking another business opportunities in Indonesia.

Read: Cepu Block to Boost Oil Production

Exxon was the holder of East Natuna concession since it was named Natuna D-Alpha in 1980. The contract ended in 2007. Pertamina has taken control of the block since 2008.

Pertamina Upstream Director Syamsu Alam said that the feasibility study for the East Natuna block has been concluded. The company has submitted the results to the Energy and Mineral Resources. The results will be used by the government to formulate the incentive for block management.

The incentive would be 45 percent portion for the contractor. The remaining 55 percent will be allocated to the government. Wiratmaja, however, said that the government would need to further discuss the incentive because the contract scheme has been changed from cost recovery to gross split.

The Energy Ministry still expects Pertamina to produce a clear plan of oil output in the East Natuna block. Wiratmaja predicts that the block can produce 7,000-15,000 barrels of oil per day.

The East Natuna holds 318 million stock tank barrels of oil (mmstb). Its gas potential is even greater at 222 trillion cubic feet (TCF). The proven gas reserves stand at 46 TCF, more than the Mahakam Block in East Kalimantan with 29.85 TCF. But it will be difficult to develop the gas reserves due to its high CO2 level at 72 percent.

Wiratmaja could not confirm when the company will sign a cooperation agreement, after a reschedule of the earlier target in September 2016. Syamsu declined to reveal when the company will start drilling, after Exxon withdrawn.

ROBBY IRFANY



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