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Petronas Awards Onshore Block SK333 to Nippon Oil Exploration limited and Petronas Carigali

Source: www.gulfoilandgas.com 12/7/2007, Location: Asia

Petronas awarded a Production Sharing Contract (PSC) to Nippon Oil Exploration Limited (NOEX) and Petronas Carigali Sdn Bhd for onshore Block SK333 in Sarawak. The award of the PSC signals the possible revival of active onshore exploration activities in Malaysia, as part of Petronas' continuous efforts to enhance and augment Malaysia's hydrocarbon reserves.

Covering an area of 3,100 square kilometres, Block SK333 is located in the Baram area of Sarawak, the site of thriving exploration activities in the early 1900s. The block was part of a concession awarded to Shell in 1907 where Miri, the country's first oil field was discovered. About 80 million barrels of oil was produced from the Miri field before the block was relinquished by Shell in 1981.

Under the terms of the PSC awarded today, NOEX, with 75 per cent participating interest, will be the operator of the block while Petronas Carigali, the exploration and production arm of Petronas, owns the remaining 25 per cent.

The partners will acquire and process 500 line kilometres of 2D seismic data and drill two wildcat wells with an aggregate depth of 4,000 metres. An airborne gravity and magnetic survey over the block will also be conducted. The minimum financial commitment to the block is US$40 million.

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