Statoil, Pertamina Relinquish Stakes in Deepwater Karama Block

Statoil Indonesia and Pertamina Hulu Energi have relinquished their stakes in the deepwater Karama block, sited offshore in the Makassar Strait, after evaluation works completed by both of the companies indicated that there are no hydrocarbon reserves in the block, temporary regulatory unit SKMigas said in a statement late Wednesday.

The exploration activities Statoil has undertaken under the agreement include the study of geology and geophysics, 3D seismic and the drilling of three wells.

"For six years, Statoil has made all the commitments and obligations of exploration activities specified in the contract agreement," SKMigas said in its disclosure. The entire exploration program in the work area is estimated to have cost at least $271 million.

Statoil, as operator, held a 51 percent stake in the block, while Pertamina Hulu Energi held the remaining 49 percent interest.

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