Petronas signs PSC with TotalEnergies, Shell for offshore Block 2K
Petronas has signed a production sharing contract (PSC) with TotalEnergies EP Malaysia (TE), Petronas Carigali (PCSB), Sabah Shell Petroleum Company (SSPC) and Shell Sabah Selatan (SSS) for Block 2K, an ultra-deepwater block located off the coast of Sabah, it said on October 13.
Under the PSC terms, TE, a wholly owned subsidiary of France-based TotalEnergies, will be the operator with a 34.9% participating interest. PCSB holds a 40% participating interest while the remaining 25.1% is equally split between the other two partners, SSPC and SSS.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Petronas senior vice president Mohamed Firouz Asnan said the signing of the PSC for Block 2K completes the licensing of the five ultra-deepwater blocks off the coast of Sabah, along the newly identified Oligo-Miocene carbonate trend proven by Tepat-1 oil discovery in Block N in 2018. Block 2V was signed last year followed by Blocks 2W and X early this year.
“A total of four wells are expected to be drilled in these ultra-deepwater blocks in 2022 and 2023, to explore within this emerging hydrocarbon province,” he added.
These five blocks now come with available 3D seismic data from a recent multi-client survey.