Petronas Awards Malysian Block to Newfield, Mitsubishi

Petronas awarded a Production Sharing Contract for Block SK310 offshore Sarawak to Newfield Sarawak Malaysia Inc, Mitsubishi Corporation and Petronas Carigali Sdn Bhd.

Block SK310 is located in water depths of between 50 and 100 meters in the Central Luconia Province and covers an area of about 3,460 square kilometers.

Under the terms of the PSC, Newfield, with 30% interest, will be the operator of the block, while Mitsubishi Corporation and PETRONAS Carigali Sdn Bhd will own the remaining interest of 30 per cent and 40 per cent respectively.

The partners are committed to acquire 500 square kilometers of new 3D seismic data and drill three exploration wells. The minimum financial commitment is estimated at US$43.5 million.