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    PETRONAS Awards Year's First PSC

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Summary

Malaysian major PETRONAS has awarded the first Production Sharing Contract (PSC) of 2016 to a consortium of three oil companies.

by: shardul

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Asia/Oceania

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PETRONAS Awards Year's First PSC

Malaysian major PETRONAS has awarded the first Production Sharing Contract (PSC) of 2016 to a consortium of three oil companies.

The PSC has been awarded to PTTEP HK Offshore Limited (PTTEP), KUFPEC Malaysia Limited (KUFPEC), and PETRONAS Carigali Sdn Bhd for the exploration Block SK410B.

“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 Datuk Mohd Anuar Taib, Executive Vice President Upstream, in his speech during the signing ceremony which was held on Thursday.

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. 

Block SK410B is located in shallow sea area offshore Sarawak and has a total area of ​​about 1,800 square kilometers.  

 

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