(MENAFN- Qatar News Agency) US-based oil and gas company ExxonMobil's local subsidiary, ExxonMobil Indonesia, has decided to return three 'uneconomical' oil and gas blocks to the government. Two of the three basins are located in the deep waters of eastern Indonesia.
ExxonMobil Indonesia's vice president for public and government affairs, Erwin Maryoto has said the company had decided to return its assets to the government after years of exploration, according to a Jakarta Post report Saturday.
"All of the oil and gas contractors in Indonesia have around three to six years to discover whether their concessions have sufficient hydrocarbon reserves to enter the production phase. If we cannot find commercial reserves of course we will return them to the government," Maryoto told Jakarta Post.
The oil and gas blocks include the Surumana and Mandar blocks located in the deep waters of the Makassar Strait. In total, both oil and gas blocks comprise four oil and gas wells at a depth of 1,500 meters.
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