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22

Indonesia Terminated ExxonMobil Contract

Energy minister Purnomo Yusgiantoro said late Tuesday that Exxon had failed to submit a plan

Indonesia has terminated a contract with ExxonMobil Corp to drill a major offshore gas field in the Natuna Sea off the west coast of Borneo, in a move that may alarm foreign investors.

ExxonMobil however said that the contract stood firm as it was extendable and they were still working to develop the field.

Energy minister Purnomo Yusgiantoro said late Tuesday that Exxon had failed to submit a plan for developing the block and selling the gas.

He said Exxon, which had a 76 percent stake in the Natuna D-Alpha block, had mistakenly thought the contract had been extended until 2009.

Yusgiantoro said that state oil and gas firm Pertamina might now be first in line to operate the block.