Sarawak govt approves Petros’ Conditional Award for onshore Block SK 433

File photo for illustration purposes

KUCHING, June 18: The State government has endorsed Petroleum Sarawak Berhad (Petros)’s Conditional Award for Sarawak Onshore Block SK 433, which covers Miri-Marudi area in Northern Sarawak, to Petra Energy Development Sdn Bhd as operator of the block and Uzma Engineering Sdn Bhd as its joint venture partner.

In a statement today, the Chief Minister’s Office (CMO) emphasised that this award marked a major milestone in the operationalisation of the State control of oil mining and exploration in all onshore areas of Sarawak.

Petra Energy Development Sdn Bhd is a wholly owned subsidiary of Petra Energy while Uzma Engineering Sdn Bhd is a wholly owned subsidiary of Uzma Berhad.

“This award signifies a milestone for Sarawak pursuant to the Commercial Settlement Agreement (CSA) between the State government and Petronas signed on Dec 7, 2020.

“This award is the result of a competitive bidding exercise that was managed by Petros since January this year”.

Petros pointed out that the successful investor has met the technical and financial essential-capability requirements and has also submitted an acceptable bid of ‘work programme of activity commitments, aimed at rejuvenating exploration and production activities for Block SK433 contract area.

“Phase 1 of the SK 433 Petroleum Contract is for an initial four-year period (with option of one additional year extension) to complete its exploration and appraisal ‘work/activity commitments’.

“Upon the successful outcome of Phase 1, the subsequent Phase 2 will involve development and production activities.”

CMO pointed out that Sarawak looks forward to the resumption of active exploration and production activities onshore, after a lapse of several years.

Petros as the Sarawak State-owned petroleum company, CMO added will be the one stop centre for the State in playing the role of resource regulator and manager. — DayakDaily