Malaysian oil company Petronas has signed a contract with EQ Petroleum Production Malaysia Ltd (EnQuest), PETRONAS Carigali Sdn Bhd (PCSB) and E&P Malaysian Ventures Sdn Bhd (EPMV) for the extension of Production Sharing Conract (PSC) for Block PM8 located offshore of Peninsular Malaysia.
Under the terms of the contract, the partnership will continue the development and production of petroleum resources until 2033 from Seligi field and the fields within the PM8 sub-blocks namely North Raya, South Raya, Serudon, Yong, Lawang and Langat.
The signing of the agreement also marks a significant milestone for the partnership as they have now executed the full-termed PSC and it will also see possible developments of East Raya and Pantai fields.
Under the extended contract, EnQuest will be the operator with participating interest of 50%, while PCSB and EPMV will respectively hold 40% and 10% of participating interests.
The signing of the PSC extension was held this week in Kuala Lumpur.