| KNOC return the three oil and gas blocks |
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| Wednesday, 25 August 2010 14:45 | |||||||
Page 1 of 2 JAKARTA: Korean National Oil Corp.. (KNOC)
to restore the three working areas of oil and gas to the government of
Indonesia, because no oil and gas reserves are discovered after the
third explores the block with a total investment of U.S. $ 120 million
(approximately Rp1, 1 trillion).
Head of the Executing Agency for Upstream Oil and Gas (BP Migas), R Priyono third expresses the returned oil and gas blocks, namely Block Wokam in Papua, and the North East Madura Block I and II in the North East Madura, East Java. "They [KNOC] has been exploring for more than three years but did not find anything [oil reserves]. So they returned to the government, "he said last night. In fact, he continued, the Korean state-owned oil and gas has disbursed about U.S. $ 120 million during the third exploration block. He details the exploration of investment funds issued by KNOC was divided in exploration Block Wokam amounted to U.S. $ 63 million, the North East Madura Block I amounted to U.S. $ 28.8 million, and the North East Madura Block II amounted to U.S. $ 27.2 million. Priyono, from the exploration of Block Wokam, KNOC reported that oil and gas blocks are not economically developed so that the company was reluctant to continue the search for oil and gas. Meanwhile, he added to two blocks in East Java has not assessed the potential for further development. "Doing business in upstream oil and gas sector does have a fairly high risk of failure. Investors must be prepared with this. " The third addition to oil and gas working areas that have been returned by KNOC, Priyono admitted there are still three other oil and gas blocks that are in the process of return through the Ministry of Energy and Mineral Resources (EMR). These three oil and gas working areas, he said, namely East Bawean II Block, operated Husky Energy, as well as Halmahera and Rembang Blocks that had been managed M Cube.
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