PETRONAS has awarded Block SK437 offshore Malaysia to PETRONAS Carigali Sdn Bhd (PCSB), Sarawak Shell Berhad (SSB), and Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), according to a statement.
Block SK437 measures 2,015 square kilometers (km) and has water depths of up to 50 meters, located southwest of the Central Luconia region.
The action is expected to boost exploration activity in the country, particularly off the coast of Sarawak.
Mohamed Firouz, PETRONAS’s Senior Vice President of Malaysia Petroleum Management, said, “Indeed, this new award is a further testament of Malaysia’s attractiveness as a global investment destination.
Under our ‘right asset, right player’ strategy, supported by a progressive fiscal regime, we hope to unlock the full potential of the hydrocarbon resources in Malaysia, thus maximizing value for our partners and PETRONAS as the custodian of the national hydrocarbon resources.
SSB is the operator for the block with 85% work interest, while PCSB and PSEP hold 7.5% for each.