South Korea's SK earthon Wins Offshore Acreage in Malaysia

OEDigital
Monday, April 25, 2022

Malaysia's Petronas on Friday signed a Production Sharing Contract (PSC) with SK earthon and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP) for Block SK427 off the coast of Sarawak. 

SK earthon, a subsidiary of South Korea’s SK Innovation is the operator of Block SK427 with 85 percent participating interest while PSEP, the Sarawak-owned oil and gas company, holds the remaining 15 percent. 

Petronas, through MPM, manages petroleum arrangements in Malaysia and provides stewardship on upstream petroleum activities.

Signing on behalf of Petronas was Senior Vice President of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan, while SK earthon was represented by its Director and Head of Exploration & New Venture Office, Suntaek Bang, and PSEP by its Director and Chief Operating Officer, Dr James Foo

According to Petronas, Block SK427 is located within the prolific area of Balingian and Tatau hydrocarbon provinces covering an area of 3,349 sq km. 

"The block is situated in a proven hydrocarbon system and has promising hydrocarbon potential to be unlocked. Several significant hydrocarbon discoveries were made in 2021 in the Balingian province near the block, namely Sirung-1 and Hadrah-1 wells," Petronas said.

Petronas' Mohamed Firouz said, “We welcome SK earthon to Malaysia’s upstream industry and as a new player, they bring vast experience in exploration and production, garnered from their worldwide exploration activities. Petronas will also collaborate with SK earthon in the Carbon Capture and Storage sector, in line with PETRONAS’ aspiration to achieve Net Zero Carbon Emissions by 2050. "

SK427 PSC is one of the six blocks awarded from the Malaysia Bid Round 2021.

MBR is an annual Malaysia licensing round hosted by MPM which offers investors diverse upstream opportunities, including exploration acreages, discovered resource opportunities, and late-life producing assets. 

The MBR 2022, offering 14 exploration blocks, six Discovered Resource Opportunities clusters, and one Late Life Asset cluster, was launched on January 27, and will run until June 30,2022. 

Categories: Energy Industry News Activity Production Asia

Related Stories

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

Shell’s Brazil-Bound FPSO Starts Taking Shape

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Current News

How Hot Is Your Cable? Understanding Subsea Cable Thermal Performance

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

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