CPC exits oil, gas industry<\/p>\n
HONG KONG (Dow Jones): Taiwan's Chinese Petroleum Corp.
\n(Q.CPC) has exited Indonesia's upstream oil and gas sector, after
\ndeciding in June to halt exploratory drilling in the Peudada
\nfield in North Sumatra, a CPC spokesman told Dow Jones Newswires
\nyesterday.<\/p>\n
In June, the offshore field, jointly owned by Mobil Corp. of
\nthe U.S. (MOB) and Indonesia's state-owned oil and gas concern
\nPertamina was deemed non-commercial and drilling was halted, the
\nspokesman said.<\/p>\n
"We evaluated the Peudada area and we thought that it is a
\nhigh-risk area," said the spokesman, although surveys of the
\noffshore field had found an undisclosed amount of oil and gas.
\nHe denied a local report that CPC's decision was based on fears
\nover political and social unrest in Indonesia.<\/p>\n
The Peudada field was CPC's only investment in Indonesia's
\nupstream oil and gas sector, the spokesman said, and the
\nTaiwanese company has no plans at this time to invest in other
\nupstream activities.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/cpc-exits-oil-gas-industry-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}