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    Korea's Posco wins Malaysian block

Summary

This is the first time Posco has entered the Malaysian upstream.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, Investments, News By Country, Malaysia

Korea's Posco wins Malaysian block

Petronas announced on November 2 it had awarded a production sharing contract (PSC) for Block PM524 to its subsidiary Petronas Carigali and South Korea’s Posco International.

Posco International will operate the block with a 80% participating interest. Petronas Carigali holds the remaining 20%. This is the first time Posco has entered the Malaysian upstream.

Block PM524 is located in the Malay basin, surrounded by several key producing fields including Tangga Barat that supply gas to the Peninsular Malaysia market.