Petronas Awards Three Exploration Blocks to Lundin Petroleum-Led Partnerships

Source: www.gulfoilandgas.com 4/7/2008, Location: Asia

Petronas awarded three offshore exploration blocks, namely Block PM308A, Block PM308B and Block SB303, to partnerships of production sharing contractors led by Lundin Malaysia BV, a subsidiary of Sweden-based Lundin Petroleum AB.

Block PM308A was awarded to Lundin Malaysia (35%), PETRONAS Carigali Sdn Bhd (25%), Nippon Oil Exploration (Peninsula Malaysia) Limited (20%) and Japan Energy Malaysia E&P Co., Ltd. (20%). Block PM308B and Block SB303 were each awarded to Lundin Malaysia (75%) and PETRONAS Carigali (25%). Lundin Malaysia will operate all the three blocks.

Blocks PM308A and PM308B, operated as a single Block PM308 by previous PSC contractors, are situated in the Penyu Basin of Peninsular Malaysia and cover an area of about 5,500 sq km and 8,600 square km respectively. The blocks, in water depths of between 20 and 80 metres, were identified with fractured basement play and contain several leads and prospects. Block PM308A has one oil discovery as a result of previous exploration campaigns.

Block SB303, on the other hand, is situated offshore Sabah in water depths of up to 150 metres and covers an area of about 5,000 sq km. Previously operated by Shell, it has one undeveloped gas discovery and has been identified to contain a number of leads and prospects with potential for both oil and gas.

The aggregate Production Sharing Contract (PSC) commitments for the three blocks are the acquisition and processing of a total of 1,250 line km of 2D seismic data, 2,150 sq km of 3D seismic data and drilling of eight wildcat wells. The three blocks' minimum financial commitment is US$157 million.

The PSCs for the blocks were signed today at the PETRONAS Twin Towers in Kuala Lumpur. PETRONAS was represented by its Vice President of E&P Business, Encik Ramlan Abdul Malek, while PETRONAS Carigali was represented by its Managing Director/CEO Datuk Abdullah Karim.

Signing for Lundin Malaysia was the Chairman of Lundin Petroleum AB Mr. Ian H. Lundin, while Nippon Oil Exploration (Peninsula Malaysia) Ltd was represented by its President/CEO Mr. Makoto Koseki; and Japan Energy E&P Malaysia by its President and Representative Director Mr. Masahiro Nakamura.


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