Roc Oil to Farmout 20% Stake in PSC for D35, D21, J4 Fields to Dialog

Australia's Roc Oil Company Limited announced Friday that its wholly owned subsidiary Roc Oil (Sarawak) Sdn Bhd has inked a Letter of Intent to farm-out a 20 percent participating interest in the Production Sharing Contract (PSC) for the three fields D35, D21 and J4, located in water depths of approximately 164 feet off Eastern Malaysia to local firm Dialog Resources Sdn Bhd.

"The Dialog farm-in will reduce ROC's participating interest to 30 percent. The farm-out is subject to Petronas approval, joint venture approval and completion of documentation," Roc Oil said in a press release.

Roc Oil farmed in for a 50 percent participating interest to the PSC in April 2014, partnering Malaysia's national oil and gas firm Petronas' upstream unit Petronas Carigali which holds a 50 percent operating interest in the 57.9 square mile- or 150 square kilometer-block. 

The terms of the PSC, effective from January 2014 to December 2034, are designed for field redevelopment and enhanced oil recovery to commercially encourage progressive incremental oil development over the full life of the PSC, Roc Oil stated on its website.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Wood Group Pens Deal Which Will 'Impro... (Jun 26)
 -  Empyrean Energy Kicks Off Aggressive E... (Jun 26)
 -  TRACE Secures INPEX Deal, Creates Jobs (Jun 23)
 -  What Are the Qualifications to Become ... (Jun 23)
 -  SolstadFarstad Emerges After Company M... (Jun 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Regional Manager - Saybolt
Expertise: Business Development|Operations Management|Surveying
Location: Linden, NJ
 
Accounting Administrator - Hyperion
Expertise: Accounting|Business Development|Financial Analyst
Location: Houston, TX
 
Contract Landman
Expertise: Landman
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $45.54/BBL 0.70%
Light Crude Oil : $43.01/BBL 0.63%
Natural Gas : $2.929/MMBtu 1.34%
Updated in last 24 hours