Saturday, August 19, 2006

BP Migas: Anadarko failed to find oil

Upstream Oil and Gas Regulatory Body (BP Migas) said UK-based Anadarko Indonesia Company failed to find oil reserves at two exploration drillings of North East Madura III block it acquired from Chevron (40%) in June, Bisnis Indonesia reported.

Doddy Hidayat, deputy operational at BP Migas, confirmed the failure but gave no details. "That's the fact," he said.
In June, Chevron and Anadarko entered into a swap agreement in which Chevron divest all its interests in five blocks (Bukat, Ambalat, Muara Bakau, Popodi, and Papalang)---all in East Kalimantan---to Anadarko in exchange of 40% working interest in North East Madura III block.
Chevron had 33.75% shares in Bukat and Ambalat, 50% at Muara Bakau, and 24% at Popodi and Papalang respectively.

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