PETRONAS today awarded a Production Sharing Contract (PSC) for Block SK310 offshore Sarawak to Newfield Sarawak Malaysia Inc, Mitsubishi Corporation and PETRONAS Carigali Sdn Bhd.
Block SK310 is located in water depths of between 50 and 100 metres in the Central Luconia Province and covers an area of about 3,460 square kilometres.
Under the terms of the PSC, Newfield, with 30 per cent interest, will be the operator of the block, while Mitsubishi Corporation and PETRONAS Carigali Sdn Bhd will own the remaining interest of 30 per cent and 40 per cent respectively.
The partners are committed to acquire 500 square kilometres of new 3D seismic data and drill three exploration wells. The minimum financial commitment is estimated at US$43.5 million.
The PSC for the block was signed today at the PETRONAS Twin Towers in Kuala Lumpur. PETRONAS was represented by its Vice President of Exploration & Production Business, Encik Ramlan Abdul Malek; Newfield Sarawak Malaysia Inc by its President/CEO Mr. David Trice; Mitsubishi Corporation by its Executive Vice President of Energy Business Group Mr. Seiji Kato; and PETRONAS Carigali by its Managing Director/CEO Datuk Abdullah Karim.
Source : Petronas
