Malaysian state oil firm Petronas has awarded its first production sharing contract (PSC) for 2016, and given Thailand's PTTEP its first operatorship in Malaysia.
The PSC was awarded to PTTEP HK Offshore, Kufpec Malaysia, and Petronas Carigali for the exploration Block SK410B, with PTTEP as operator.
Under the terms of the PSC, PTTEP will operate the block with participating interest of 42.5%, KUFPEC with 42.5% and Petronas Carigali with 15%.
PTTEP says the block is in the shallow waters of offshore Sarawak, with the acreages of approximately 1800sq km.
“Today’s signing not only marks Petronas’ first PSC award in 2016, but also welcomes PTTEP for their first operatorship in Malaysia. We are also pleased to collaborate with our long-term partners, KUFPEC once again,” said Datuk Mohd Anuar Taib in his speech during the ceremony.