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Petronas awards two blocks to Total and Petronas Carigali

Source: www.gulfoilandgas.com 5/22/2008, Location: Asia

Petronas awarded a Production Sharing Contract (PSC) for Blocks PM303 and PM324 offshore Peninsular Malaysia to Total E&P Malaysia, a subsidiary of Total SA, and Petronas Carigali Sdn Bhd. Blocks PM303 and PM324 are located in the central part of the Malay Basin in water depths ranging from 50 metres to 80 metres. Previous exploration efforts were confined to the shallower sections in the blocks; with the deeper sections remain mostly under-explored due to difficult operating conditions caused by high pressure and temperature.

Total E&P Malaysia, with participating interest of 70 per cent, will operate both blocks while Petronas Carigali, the exploration and production arm of Petronas, will own the remaining 30 per cent interest.

The partners are committed to acquire 1,200 square kilometres of new 3D seismic data and to drill two high pressure/high temperature wells to a minimum aggregate depth of 6,500 metres. The minimum financial commitment is valued at US$70 million.

The PSC was signed today at the Petronas Twin Towers in Kuala Lumpur. Petronas was represented by its Vice President of Exploration & Production Business, Encik Ramlan Abdul Malek; Total E&P Malaysia by its Chairman/CEO, Mr. Charles Mattenet; and Petronas Carigali by its Managing Director/CEO Datuk Abdullah Karim.

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