KUCHING, Feb 16: Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) has joined Petronas Carigali Sdn Bhd (PCSB) and Petroleum Sarawak Berhad (Petros) as a partner in offshore exploration of Block SK325 in Sarawak.
In a media release today, PTTEP chief executive officer Montri Rawanchaikul revealed that PTTEP Sarawak Oil Limited (PTTEP SKO), a subsidiary of PTTEP, along with PCSB and Petros via its subsidiary Petroleum Sarawak Exploration and Production (PSEP) Sbd Bhd, have signed a Production Sharing Contract (PSC) with Petroliam Nasional Berhad (Petronas) for the offshore exploration of Block SK325 which was offered under the Malaysia Bid Round (MBR) 2022 recently.
MBR is an annual licensing round organised by Malaysia Petroleum Management (MPM), Petronas as the custodian of petroleum resources in Malaysia.
Montri emphasised that the investment will further expand PTTEP’s growth opportunity in Malaysia while strengthening relationships with business partners.
“We are delighted to join PCSB and PSEP in this promising exploration opportunity. The investment not only demonstrates PTTEP’s commitment in driving continuous growth in strategic focus areas but also strengthens our partnership with PCSB and PSEP. We believe that the expertise and experience of joint venture partners will lead to exploration success,” he said in the statement.
According to the exploration plan, the consortium will conduct a 3D seismic survey and other technical studies between 2023 and 2024 to assess petroleum potential.
The initial studies of subsurface data indicated oil and gas potential. The surrounding blocks are with successful discoveries, including PTTEP-operated producing Block SK309 and Block SK311 in the vicinity.
Block SK325 is located offshore of Sarawak, covering a large area of approximately 3,602 square kilometres. Under Block SK325 PSC, PCSB will be the operator with 60 per cent interest. PTTEP SKO and PSEP hold 32.5 per cent and 7.5 per cent, respectively.
Apart from Block SK325, PTTEP’s portfolio in Malaysia comprises exploration Blocks SK405B, SK410B, SK417, SK438, SK314A, SB412, PM407 and PM415. PTTEP is now producing oil and gas from Blocks K, SK309, SK311 and the Rotan-Buluh field in Block H. — DayakDaily
