Petronas has awarded two Production Sharing Contracts (PSCs) for Blocks SB331 and SB332, onshore Sabah, to SapuraKencana Energy Sabah Inc. and M3nergy Berhad.
The award was made after a competitive bidding exercise where Petronas invited bids from upstream companies for these blocks.
Blocks SB331 and SB332, measuring 13,114 km2 and 17,933 km2 respectively are located in the eastern part of Sabah. There have been minimal activities in the blocks however 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%, while M3nergy will own up to 25% of the equity.
The partners are committed to drill two wildcat wells and acquire 500 line km of new 2D seismic data in Block SB331 as well as to drill one wildcat well and acquire 100 line km 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.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/exploration/24112014/petronas-awards-two-onshore-block-licences-1855/