Korea's Posco wins Malaysian block
Petronas announced on November 2 it had awarded a production sharing contract (PSC) for Block PM524 to its subsidiary Petronas Carigali and South Korea’s Posco International.
Posco International will operate the block with a 80% participating interest. Petronas Carigali holds the remaining 20%. This is the first time Posco has entered the Malaysian upstream.
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Block PM524 is located in the Malay basin, surrounded by several key producing fields including Tangga Barat that supply gas to the Peninsular Malaysia market.