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Lundin Petroleum planning to relinquish Baronang and Cakalang blocks

JAKARTA (Rambu Energy) – Lundin Petroleum, a Swedish oil and gas company, announced its plan to relinquish both the Baronang and the Cakalang blocks in West Natuna basin, Natuna Sea, due to poor exploration results.

The company said the drilling activities in the Balqish and Boni prospects in the Baronang Block, in which the company holds 85 percent working interest, had been completed.

“Both wells encounered good quality reservoirs at the projected Oligocene level but neither well encountered any hydrocarbons and have been declared as dry holes,” the company said in a statement.

“Lundin Petroleum is planning to relinquish both the Baronang and the Cakalang Blocks,” Lundin said.

Lundin Petroleum AB signed the two production sharing contracts (PSCs) — the Baronang and Cakalang Blocks — on November 13, 2008.  Both blocks are located in the NatunaSea, offshore Indonesia.

The Baronang Block covers an area of approximately 5, 157 kmand the Cakalang Block 4,520 km2.

In addition, in late October 2014, the company announced that the exploration well on the Gobi prospect in the Gurita Block (90 percent interest) was unsuccessful and is being plugged and abandoned as a dry hole.

Lundin Petroleum also discloses the progress of exploration activities in South Sokang and Cendrawasih VII blocks. It said a 3D seismic acquisition programme of 1,000 km² has been completed on the South Sokang Block (WI 60 percent) in 2013.

The company has completed the seismic processing and interpretation of the South Sokang block. It identifies both oil and gas prospectivity at Miocene and Oligocene levels.

Meanwhile as for Cendrawasih VII block, Lundin is undertaking geological and technical studies on the Cendrawasih VII Block (WI 100%), offshore eastern Indonesia. (*)

 

Written by Rambu Energy editorial staff

Source: Lundin Petroleum

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