Malaysia’s Petronas has awarded a Production Sharing Contract (PSC) to Thai PTTEP, Kuwait’s KUFPEC, and Malaysia’s Petronas Carigali Sdn Bhd for the exploration Block SK410B.
The PSC was signed at Petronas Twin Towers, in the presence of the President and CEO of Petronas, Zulkiflee Wan Ariffin.
Petronas was represented by its Executive Vice President Upstream, Mohd Anuar Taib, PTTEP by its President and CEO Somporn Vongvuthipornchai, KUFPEC by its Vice President of Operations, Hosnia Hashim and Petronas Carigali by its CEO, Mohamad Johari Dasri.
“Today’s signing not only marks Petronas’ first PSC award in 2016, but also welcomes PTTEP for their first operatorship in Malaysia. We are also pleased to collaborate with our long term partners, KUFPEC once again,” said Mohd Anuar Taib in his speech during the ceremony.
Under the terms of the PSC, PTTEP will operate the block with participating interest of 42.5 percent, KUFPEC with 42.5 percent and Petronas Carigali with 15 percent interest. The block is located in shallow water offshore Sarawak.
“Malaysia is renowned as being an area in Southeast Asia of high petroleum potential. From 2011-2015 oil and gas were discovered continually and SK410B is situated in an area where there have been considerable natural gas discoveries. Furthermore the acquisition of this block is in alignment with PTTEP’s strategy for future growth,” PTTEP CEO Somporn Vongvuthipornchai said.
PTTEP and its partners plan to conduct 3D seismic surveys and drill one exploration well during the three-year exploration period.
Offshore Energy Today Staff