KUCHING: Petroliam Nasional Bhd (Petronas) has announced that it has awarded two Production Sharing Contracts (PSC) for Blocks SB331 and SB332 onshore Sabah to SapuraKencana Energy Sabah Inc (SapuraKencana), M3nergy Bhd (M3nergy) and Petronas Carigali Sdn Bhd (Petronas Carigali).
The award was made after a competitive bidding exercise where Petronas invited bids from upstream companies for these blocks.
According to a press statemnet, blocks SB331 and SB332, measuring 13,114 square kilometres and 17,933 square kilometres respectively are located in the eastern part of Sabah.
There have been minimal activities in the blocks but the presence of oil and gas seeps indicate a probable working petroleum system.
“Under the term of both PSCs, SapuraKencana will operate the blocks with participating interest of 70 per cent while M3nergy will own up to 25 per cent of the equity,” it said.
It added, “The partners are committed to drill two wildcat wells and acquire 500 line kilometres of new 2D seismic data in Block SB331 as well as to drill one wildcat well and acquire 100 line kilometres of new 2D seismic data in Block SB332.
“In addition, they will also carry out other integrated studies based on existing data for the two blocks.”
The PSCs were signed in Kuala Lumpur and present to sign the contracts were executive vice president and Petronas chief executive officer of Upstream segment Datuk Wee Yiaw Hin, SapuraKencana Petroleum Berhad president and group CEO Tan Sri Datuk Seri Shahril Shamsuddin, M3nergy director Tan Sri Sukarti Wakiman, and Petronas Carigali president and CEO Datuk M Anuar Taib.