Kufpec and Petronas Carigali Awarded Block SB 312 Offshore Malaysia

Petronas has awarded a Production Sharing Contract for offshore Block SB 312 to Petronas Carigali Sdn Bhd and Kufpec.

Block SB 312, covering an area of approximately 2,900 square kilometers, is located about 80 km offshore Kota Kinabalu in water depths ranging from 60 to 150 meters.

Under the terms of the PSC, Petrons Carigali will own a 60% and will operate the block. Kufpec has the remaining 40% and will carry 20% of Petronas Carigali's interest during the PSC's exploration period.

The award is based on an exploration program which includes exploration drilling of three wells and an acquisition of 750 square kilometers of 3D seismic data. The minimum financial commitment for the block is US $45 million.

Kufpec, a subsidiary of Kuwait Petroleum Corporation, currently has a few assets in Malaysia, including interests in Blocks SB 301 and SB 302 offshore Sabah and in the Chendor Development Area offshore Peninsular Malaysia.

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