Petronas Signs PSCs for Five Offshore Exploration Blocks in Malaysia

OEDigital
Wednesday, March 23, 2022

Malaysia's Petronas has signed Production Sharing Contracts (PSCs) for five offshore exploration blocks, namely SB412, 2W, and X located off the coast of Sabah, and SK439/SK440 situated off the coast of Sarawak.  

Block SB412 in Sabah was signed between Petronas, PTTEP HK Offshore Limited, and SapuraOMV Upstream (M) Sdn Bhd, while the PSCs for ultra-deepwater Blocks 2W and X were signed between Petronas, Sabah Shell Petroleum Company Ltd., Shell Sabah Selatan Sdn Bhd and Petronas Carigali Sdn Bhd.  

The PSC for Sarawak's Block SK439/SK440 was signed between PETRONAS, Petronas Shell Berhad, and Petroleum Sarawak Exploration & Production Sdn Bhd.  

Petronas Senior Vice President of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan signed the PSCs on behalf of the company.  

Mohamed Firouz said, "Petronas is pleased that the newly signed PSCs would attract a capital commitment of about RM600 million [about $142 million] in exploration activities in Malaysia, reflecting the attractiveness of Malaysia's hydrocarbon resources potential.  

"The reduction in global exploration drilling over the past two years has pressured the industry to resolve current supply shortages. As global economies have started to recover post-pandemic, the industry needs to ensure exploration activities continue to sustain production.  

"PETRONAS is committed to reducing carbon emissions from our operations with technologies such as Carbon Capture and Storage. We look forward to working together with our partners to provide safe and reliable energy to the market."    

Through Malaysia Petroleum Management (MPM), Petronas manages petroleum arrangements in Malaysia and provides stewardship on upstream petroleum activities.

Categories: Energy Drilling Industry News Activity Production Asia

Related Stories

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

China Starts Production at Major Oil Field in Bohai Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

Current News

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

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