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Petronas Awards Blocks SB331 & SB332 to SapuraKencana

Source: www.gulfoilandgas.com 11/20/2014, Location: Asia

PETRONAS awarded two Production Sharing Contracts (PSC) for Blocks SB331 and SB332 onshore Sabah to SapuraKencana Energy Sabah Inc, M3nergy Berhad and PETRONAS Carigali Sdn Bhd.

The award was made after a competitive bidding exercise where PETRONAS invited bids from upstream companies for these blocks.

Blocks SB331 and SB332, measuring 13,114 square kilometres and 17,933 square kilometres respectively are located in the eastern part of Sabah. There have been minimal activities in the blocks but the presence of oil and gas seeps indicate a probable working petroleum system.

Under the term of both PSCs, SapuraKencana will operate the blocks with participating interest of 70 per cent while M3nergy will own up to 25 percent of the equity.

The partners are committed to drill two wildcat wells and acquire 500 line kilometres of new 2D seismic data in Block SB331 as well as to drill one wildcat well and acquire 100 line kilometres of new 2D seismic data in Block SB332. In addition, they will also carry out other integrated studies based on existing data for the two blocks.

The PSCs were signed in Kuala Lumpur and present to sign the contracts were Executive Vice President and CEO Upstream of PETRONAS, Dato’ Wee Yiaw Hin; President and Group CEO of SapuraKencana Petroleum Berhad, Tan Sri Dato’ Seri Shahril Shamsuddin; Chairman of M3nergy Berhad, Tan Sri Datuk Seri Panglima Sukarti Wakiman; and President and CEO of PETRONAS Carigali Sdn Bhd, Datuk M Anuar Taib.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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