BP to Hand Back Two Exploration Blocks to Indonesia on Risk Concerns

Reuters

JAKARTA, Jan 30 (Reuters) - UK-listed energy giant BP has decided to relinquish two exploration blocks to Indonesia, after a survey of the blocks found them to be high risk, the company said on Friday.

"Following the result of the 3D seismic evaluation, earlier this quarter we have made the decision to relinquish both West Aru I and West Aru II blocks," BP Indonesia head of country Dharmawan Samsu told Reuters via email.

"The evaluation suggests that these blocks are both technically very high risk and commercially very challenging."

BP was awarded rights to explore the two blocks, in eastern Indonesia's Maluku province, in November 2011, the company website says. The water depths in the two blocks range from 200 metres up to 2,500 metres, it says.

(Reporting by Fergus Jensen; Editing by Nick Macfie)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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