Norwegian oil giant Statoil has decided to relinquish its stake in Karama block, in the Makassar Strait in Indonesia.
According to Jakarta Post, Statoil returned the block won in 2007, after the unsuccessful three-well drilling campaign.
The exploration cost the company $174.1 million between 2009 and 2012. Prior to the relinquishment of the stake Statoil held a 51% share, while Indonesia’s state-controlled Pertamina held 49%.
The wells were drilled by the Transocean GSF Explorer drillship.
[mappress] Offshore Energy Today Staff, January 23, 2013