Tue. Jun 18th, 2024

PTTEP partners with PCSB and PSEP in Block SK325, offshore Malaysia

PTT Exploration and Production Public Company Limited (PTTEP) joins PETRONAS Carigali Sdn. Bhd. (PCSB) and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP) as a partner in offshore exploration Block SK325. The investment further expands PTTEP’s growth opportunity in Malaysia while strengthening relationship with business partners.

PTTEP Chief Executive Officer, Mr. Montri Rawanchaikul, revealed that PTTEP Sarawak Oil Limited (PTTEP SKO), a subsidiary of PTTEP, along with PCSB and PSEP have signed a Production Sharing Contract (PSC) with Petroliam Nasional Berhad (PETRONAS) for the offshore exploration Block SK325 which was offered under the Malaysia Bid Round (MBR) 2022. MBR is an annual licensing round organized by Malaysia Petroleum Management (MPM), PETRONAS as the custodian of petroleum resources in Malaysia.

“We are delighted to join PCSB and PSEP in this promising exploration opportunity. The investment not only demonstrates PTTEP’s commitment in driving continuous growth in strategic focus areas but also strengthens our partnership with PCSB and PSEP. We believe that the expertise and experience of joint venture partners will lead to exploration success,” said Mr. Montri.

According to the exploration plan, the consortium will conduct a 3D seismic survey and other technical studies during 2023 – 2024 to assess petroleum potential. The initial studies of subsurface data indicated oil and gas potential. The surrounding blocks are with successful discoveries, including PTTEP-operated producing Block SK309 and Block SK311 in the vicinity.

Block SK325 is located offshore of Sarawak, covering a large area of approximately 3,602 square kilometers. Under Block SK325 PSC, PCSB will be the operator with 60% interest. PTTEP SKO and PSEP hold 32.5% and 7.5%, respectively.

Apart from Block SK325, PTTEP portfolio in Malaysia comprises exploration Blocks SK405B, SK410B, SK417, SK438, SK314A, SB412, PM407 and PM415. PTTEP are now producing oil and gas from Blocks K, SK309, SK311 and the Rotan-Buluh field in Block H.

About Post Author