Independent oil and gas production and development company EnQuest said it has been awarded the Block PM409 Production Sharing Contract (PSC) in partnership with Petronas Carigali Sdn Bhd (PCSB) by Petronas. Under the terms of the PSC, EnQuest will operate the block with a participating interest of 85.0%, with PCSB owning the remaining 15%
Block PM409 measures approximately 1,700 square kilometers and is located offshore Peninsular Malaysia in water depths of 70 to 100 meters. The block is in a proven hydrocarbon area containing several undeveloped discoveries and is contiguous to the group’s existing PM8/Seligi PSC, providing low-cost tie-back opportunities to the Group’s existing Seligi main production hub.
Within the initial four-year exploration term of the PSC, the partners are committed to the drilling of one well.
EnQuest Chief Executive, Amjad Bseisu, said, “The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in low-cost drilling and near-field development.”
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