Norway’s Lundin Petroleum will acquire operatorship and 50% interest from Petronas Carigali in PM328, offshore Malaysia.
The agreement is effective on 31 August 2014.
In the first 18 months of the three-year production sharing contract (PSC), Lundin Malaysia will conduct 3D seismic of 600sq km in PM328. Lundin Malaysia will then have the option of drilling one well in the remaining 18 months, or choose to give back its interest to Petronas, penalty-free.
PM328 covers an area of 5600sq km and is located northeast of the Lundin-operated PM307.
The agreement leaves Petronas 40% interest with partner E&P Malaysia Venture Sdn Bhd (10%).
Lundin announced earlier this week the decision to spud its operated Gobi-1 well offshore Indonesia, in mid-October. The Lundin Gurita BV PSC covers an area of 801,000 hectares in shallow water depths of 80m or less and has several oil and gas discoveries next to it including the Belida and Sembilang fields.
The Belida field, to the northeast, had about 350MMbbl reserves and reached peak production of approximately 140,000bbl/d. The Sembilang the field, located to the east, has reserves of 30MMbbl that produced approximately 7,200bbl/d.
Map from Lundin
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