Petroliam Nasional Berhad (PETRONAS) awarded Thursday the SK410B Production Sharing Contract (PSC) offshore Sarawak, Malaysia to a joint venture comprising Thailand's PTTEP HK Offshore Ltd. (PTTEP), Kuwait's KUFPEC Malaysia (SK-410B) Ltd. (KUFPEC) and the Malaysian national oil company's upstream arm PETRONAS Carigali Sdn Bhd.
PTTEP will operate the block, spread over 695 square miles (1,800 square kilometers), with a participating interest of 42.5 percent, while KUFPEC and PETRONAS Carigali will hold a 42.5 percent and 15 percent stake in the PSC, respectively.
“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,” PETRONAS Executive Vice President Mohd Anuar Taib said in his speech during the ceremony.
In a separate announcement Thursday, PTTEP said the investment in Block SK-410B is "in alignment with its strategy to expand investment into areas of expertise with high petroleum potential."
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