Jakarta: Japanese oil and gas firm Inpex is giving up some of its participating interest in the Babar Selaru Block to Indonesian state-owned energy firm Pertamina.
“[Inpex] has reached an agreement to transfer a 15 percent participating interest in the Babar Selaru Block, offshore Indonesia, to Pertamina Hulu Energi Babar Selaru, a subsidiary of PT Pertamina,” Inpex said in a statement.
The block, which is still in the exploration phase, is located 1,400 km southwest off the coast of Tanimbar Island in Maluku province. Inpex acquired the rights to explore the block from the Indonesian government in 2011. [16/05/13]