LOS ANGELES, Aug. 22 -- Inpex Holdings Inc. said it will in December dissolve Inpex North Natuna Ltd., a subsidiary established to produce oil and natural gas in Indonesia.
The subsidiary, which holds a 35% stake in the Nila Block in the Kutei basin off Kalimantan, Indonesia, explored the field together with partners until 2004, but failed to discover reserves large enough to warrant commercial production.
Indonesia awarded a production-sharing contract for Nila Block to Conoco Nila Ltd. and Inpex Natuna Ltd. in 2001. The award was part of an exploration and production tender made earlier that year (OGJ Online, Dec. 13, 2001).
However, ConocoPhillips relinquished its share of the Nila Block in 2005. Zainal Achmad, an official of BP Migas, said the company failed to find commercial quantities of crude oil or natural gas (OGJ, Dec. 5, 2005, Newsletter).
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