South Korea's Posco Acquires Offshore Block in Malaysia

OE Staff
Monday, November 1, 2021

South Korea's Posco and Malaysia's Petronas Carigali have been awarded a Production Sharing Contract (PSC) for Block PM524, offshore Malaysia.

Posco is the operator with an 80 percent stake and Petronas Carigali, a subsidiary of Petronas holds the remaining 20 percent.  

According to Petronas, Block  PM524  is located in the prolific area of the Malay Basin, surrounded by several key producing fields including Tangga Barat that supply gas to the Peninsular Malaysia market.    

Senior Vice President of Malaysia Petroleum Management Mohamed Firouz Asnan said: “We welcome Posco International to Malaysia’s upstream oil and gas industry, and as a new player in Malaysia, they bring their experiences of operating gas fields in other parts of
this region, including the technological development of Carbon Capture and Storage.

“This award further reinforces Malaysia’s attractiveness as a destination for companies seeking to grow their energy portfolio and thrive in the energy transition.  Under our right asset,  right player strategy, supported by a  progressive fiscal regime,  we hope to fully maximize the long-term value of the hydrocarbon resources in Malaysia, especially in Peninsular Malaysia where the demand is expected to increase,” he said.

Categories: Energy Industry News Activity Production Asia

Related Stories

CNOOC Brings New Offshore Gas Field On Stream

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

Woodside Finds South Korean Partners to Advance LNG Value Chain

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Indonesia's Medco Starts Production at Natuna Sea Fields

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Current News

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com