PTT Exploration and Production Public Company Limited (PTTEP), through its subsidiary, PTTEP HKO, and its partner, SapuraOMV, have been awarded the exploration Block SB412, off the northwest coast of Sabah, by PETRONAS.
This award is an outcome of the partnership’s successful bidding in the Malaysia Bid Round (MBR) 2021 that was hosted by the Malaysia Petroleum Management (MPM), PETRONAS and is aligned with PTTEP’s investment strategy, driving growth in strategic focus areas and reinforcing the company’s presence in Malaysia.
PTTEP Chief Executive Officer, Mr. Montri Rawanchaikul, revealed that PTTEP HK Offshore Limited (PTTEP HKO), along with SapuraOMV Upstream (Malaysia) Sdn. Bhd., have signed a Production Sharing Contract (PSC) with PETRONAS for the offshore exploration Block SB412 that was offered in the Malaysia Bid Round 2021. PTTEP continues its successful collaboration with PETRONAS in Malaysia, bringing in the number of PSCs it operates to 12 with this latest award.
“We are delighted to expand our growth in Malaysia through this new PSC. The investment follows through our Coming Home Strategy which earmarks investment for Southeast Asia, our primary operational base, while further strengthening PTTEP’s portfolio in Malaysia to foster continuous growth well into the future,” said Mr. Montri.
Block SB412 is located off the northwest coast of Sabah, covering a large area of approximately 15,914 square kilometers. The studies of subsurface data indicate petroleum potential with surrounding blocks having reported discoveries. The area is well-equipped with infrastructure and facilities ready for petroleum development.
According to the exploration plan, PTTEP HKO and SapuraOMV will initially carry out 3D seismic survey and other technical studies during 2022 - 2023 to assess petroleum potential.
“Our continuous efforts in embracing new technologies into the seismic interpretation have led to consecutive discoveries in 2021 and strengthened our credential in Malaysia as one of the prominent operators. We are confident that the collaboration with an experienced partner, SapuraOMV, would successfully unlock full potential of Block SB412,” Mr. Montri added.
Under Block SB412 PSC, PTTEP HKO will be the operator with 60% interest and SapuraOMV holds the remaining interest.
Apart from Block SB412, PTTEP portfolio in Malaysia comprises exploration Blocks SK405B, SK410B, SK417, SK438, SK314A, PM407 and PM415, and producing Blocks K, SK309, SK311 and the Rotan-Buluh field in Block H.