Italian Investor Interested in Exploring for Oil in Pasangakayu

Mamuju, West Sulawesi (ANTARA News) - An Italian investors is interested in exploring for oil in the Pasangkayu block, Mamuju Utara Regent, H. Agus Ambo Djiwa said.

The Pasangkayu block, off West Sulawesi, was earlier awarded to US oil company Marathon International Petroleum, but abandoned it after failing to find enough oil.

The Italian investor, however, was convinced the block has enough oil for commercial exploitation, Agus said , giving no name of the investor.

He said the block is located just east of the Kutai Kartanegara oil and gas basin, which is believed to hold large reserve of oil and gas.