Japan's oil and gas company Inpex has executed Production Sharing Contracts (PSC) for two offshore blocks in Malaysia.
Inpex executed the contracts with Petronas, Petronas Carigali Sdn. Bhd. (PCSB) and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP) through its subsidiaries, INPEX Malaysia E&P 4E Sdn. Bhd. and INPEX Malaysia E&P SK418 Sdn. Bhd.
The PSCs cover Block 4E and Block SK418, offshore hydrocarbon exploration licenses located northeast of Sarawak in Malaysia that were recently awarded to Inpex following Petronas’ Malaysia Bid Round 2022.
Block 4E is a covers an area of 7,647 square kilometers, with water depths ranging between 120 and 2000 meters. Inpex is the operator with 52.5% stake, with partners being PCSB (40%) and PSEP (7.5%).
Block SK418 covers a surface area of 5,806 square kilometers, with water depths ranging between 120 and 1,300 meters. This block is operated by PCSB, with 52.5% stake, Inpex holds 40% and PSEP holds 7.5%.
Block 4E and Block SK418 are the first exploration licenses awarded to Inpex in Malaysia since the company’s successful bid for two exploration licenses off the coast of Sabah in 2012.
"The newly acquired licenses are expected to contribute to INPEX’s shift to natural gas as outlined in INPEX Vision @2022 announced in February 2022 as well as expand the company’s operations in Southeast Asia, one of its core business areas. INPEX will continue to actively engage in further strengthening its business in Malaysia using the licenses as a platform," Inpex said.