Shell Signs New Exploration Contracts with Petronas

Source: www.gulfoilandgas.com 3/23/2022, Location: Asia

Sabah Shell Petroleum Company Limited (SSPC), Shell Sabah Selatan Sdn Bhd (SSS) and Sarawak Shell Bhd (SSB) signed three Production Sharing Contracts (PSC) with PETRONAS, to explore oil and gas offshore Sabah and Sarawak. SSPC and SSB will operate these exploration initiatives. These three PSCs will comprise exploration of blocks SK439/SK440 in shallow water, off the coast of Sarawak and exploration of blocks SB-2W and SB-X in deep water, off the coast of Sabah.

Ivan Tan, Chairman of Shell Malaysia and Senior Vice President Upstream Malaysia, signed the agreements on behalf of Shell, in the presence of Peter Costello, Shell’s Executive Vice President for Conventional Oil & Gas Upstream. On behalf of PETRONAS, the PSCs were signed by Mohamed Firouz Asnan, Senior Vice President of Malaysia Petroleum Management.

“The signing of these PSCs marks another growth milestone for Shell in Malaysia. Our long and successful partnership with PETRONAS in Malaysia continues, as together we seek to provide the energy of today while funding the energy of tomorrow. I look forward to further successful collaboration on growing a sustainable energy industry in Malaysia,” shared Peter.

At the same ceremony, Shell also signed the Joint Operating Agreements (JOAs) with our co-venturers PETRONAS Carigali Sdn Bhd (PCSB) for the deep water offshore blocks SB-2W and SB-X and separately with Petroleum Sarawak Exploration and Production Sdn. Bhd (PSEP) for the SK439/SK440 block.

Gumusut Kakap commences Phase 3 development

Apart from securing new exploration PSCs, Shell continues to invest in its existing fields in Malaysia. SSPC, the operator of the Gumusut-Kakap semi-submersible Floating Production System (GK-Semi FPS) located offshore Sabah, has commenced work on Phase 3 of the Gumusut-Kakap development. The Final Investment Decision (FID) was taken in August 2020.

Phase 3 involves the drilling of a four well tie back to the GK-Semi FPS. The project, which involves the drilling of two producer wells and two water injection wells, is expected to achieve first oil this year.

“The signing of these PSCs, together with the commencement of Phase 3 of the Gumusut-Kakap development, demonstrate Shell’s continued commitment to the country and we will work to deliver these projects in a safe and responsible manner. I would like to thank PETRONAS and all our partners for their confidence and support, and look forward to further successful collaboration in Malaysia,” said Ivan.


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