Covering an area of 3,100 square kilometers, Block SK333 is located in the Baram area of Sarawak, the site of thriving exploration activities in the early 1900s. The block was part of a concession awarded to Shell in 1907 where Miri, the country's first oil field was discovered. About 80 million barrels of oil was produced from the Miri field before the block was relinquished by Shell in 1981.
Under the terms of the PSC awarded today, NOEX, with 75 per cent participating interest, will be the operator of the block while Petronas Carigali, the exploration and production arm of Petronas, owns the remaining 25 per cent.
The partners will acquire and process 500 line kilometers of 2D seismic data and drill two wildcat wells with an aggregate depth of 4,000 meters. An airborne gravity and magnetic survey over the block will also be conducted. The minimum financial commitment to the block is US$40 million.
The signing ceremony for the PSC was held at the Petronas Twin Towers in Kuala Lumpur. Petronas was represented by its Vice President of Exploration & Production Business, Encik Ramlan Abdul Malek, NOEX by its President/CEO, Mr. Teruo Omori and Petronas Carigali by its Managing Director/CEO Datuk Abdullah Karim.
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