PTTEP to stay out of East Natuna exploration
PTT Exploration and Production Plc (PTTEP), a part of East Natuna Consortium since 2012 with ExxonMobil and PT Pertamina, has decided not to participate in any further activity in East Natuna.
The East Natuna field holds approximately 46 trillion cubic feet of recoverable gas resources although it comes with carbon dioxide content of more than 70 per cent. The field is located in the remotest block that is on the southern edge of the South China Sea.
In collaboration with consortium members, a Technology and Market Review (TMR) has been conducted to explore potential development of the gas field in East Natuna. The result of the TMR shows that under current PSC terms and market condition, commercialising the hydrocarbon resources in this area would be difficult considering the level of carbon dioxide and the remoteness of the area.
PTTEP has hence decided not to take part although it continues to hold its 11.5-per-cent stake in Natuna Sea A, which has current gross production at 230 million standard cubic feet per day.
