The Indonesian unit of ExxonMobil on Tuesday said it “no longer wishes to continue further discussions or activity” involving the country’s East Natuna natural gas block, believed to hold one of the world’s largest reserves of untapped gas.
The firm’s Vice President of Public and Government Affairs Erwin Maryoto told Reuters in an email the decision was taken after completing a “technology and market review”.
The East Natuna field holds an estimated 46 trillion cubic feet of recoverable gas resources, according to Exxon, although it comes with a carbon dioxide content of more than 70 percent – which also increases the cost of extracting useable fuel.
Malaysia’s Petronas and France’s Total were previously involved with the East Natuna project, but they have both pulled out.
Full Content: Reuters
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