The source told the Star that officials of the company have come to this conclusion after discussions with fund managers and analysts in recent days. While it has yet to make its decision public, the source is of the opinion that the company declined the opportunity because of the financial cost of taking a risk on oil and gas exploration and because the company wanted to do what it knew best - the formulation of speciality chemicals such as mud chemicals and other oilfield chemicals for the oil and gas industry.

However, it is believed the company is keen to take part in any spin-off projects that come its way.