PETRONAS has awarded block SK437 off the coast of Sarawak to PETRONAS Carigali Sdn Bhd (PCSB), Sarawak Shell Berhad (SSB), and Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), a wholly-owned subsidiary of Petroleum Sarawak Berhad (PETROS).
PETROS in a statement on July 28 said the participating interests of SSB, PSEP, and PCSB are 85%, 7.5%, and 7.5% respectively, with SSB being the operator of the block SK437. This marks PETROS’s first-ever involvement in an offshore exploration production-sharing contract (PSC).
“Indeed, this new award is a further testament of Malaysia’s attractiveness as a global investment destination. Under our ‘right asset, right player’ strategy, supported by a progressive fiscal regime, we hope to unlock the full potential of the hydrocarbon resources in Malaysia, thus maximising value for our partners and PETRONAS as the custodian of the national hydrocarbon resources.”Mohamad Firouz, Senior Vice President, Malaysia Petroleum Management
SSB is one of the pioneers of oil and gas exploration and production in Malaysia, having laid out its foundation to fuel the growth of the country’s oil and gas scene since 1910. SBB currently has existing interests of 15 PSCs comprising of 8 which are located off the coast of Sarawak and 7 located off the coast of Sabah with SK437 being its latest addition to the portfolio. Block SK437 is located southwest of the prolific Central Luconia province, off the coast of Sarawak, measuring 2,015 sq. km in size and in water depths of up to 50m.
PETRONAS also calls for potential investors seeking to invest in Malaysia to participate in the ongoing Malaysian Bidding Round 2021 “Grow Your Energy Portfolio With Us” before the submission deadline on 3 September 2021.