Written by Financial Daily
Tuesday, 27 October 2009 11:18
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has awarded two production-sharing contracts (PSCs) for Block SB309 and Block SB310 offshore Sabah to a partnership between Talisman Malaysia Ltd and Petronas Carigali Sdn Bhd.
In a statement yesterday, Petronas said the two blocks, measuring 5,815 sq km and 7,271 sq km, respectively, were located in water depths of up to 150 metres. It said previous exploration efforts were confined to the shallower sections in the blocks while the deeper sections remained mostly under-explored.
Under the terms of the blocks’ PSCs, Talisman Malaysia, with participating interest of 70% in each block, will operate both Block SB309 and Block SB310. Petronas Carigali, the exploration and production arm of Petronas, will own the remaining 30% each.
Petronas said for Block SB309, the partners were committed to acquiring 1,300 square kilometres of new 3D seismic data and to drill three wells to a minimum aggregate depth of 8,500 metres. The minimum financial commitment for this block is estimated at US$75 million (RM253.5 million).
This article appeared in The Edge Financial Daily, October 27, 2009.