Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP) together with Sarawak Shell Bhd and Petronas Carigali Sdn Bhd have been awarded the SK437 Production Sharing Contract (PSC) off the coast of Sarawak.

PSEP is the wholly-owned subsidiary of state-owned Petroleum Sarawak Bhd or Petros. The participating interests of Sarawak Shell, PSEP and Petronas Carigali are 85 percent, 7.5 percent and 7.5 percent respectively with Sarawak Shell being the PSC operator.

Block SK437, measuring 2,015 sq km in size with water depths of up to 50m is located towards the south-west of the prolific Central Luconia province, off the coast of Sarawak, stated Petros in a statement they issued to the media.

Besides the exploration block SK437 PSC, PSEP also holds interest in MLNG Satu PSC and Kumang Cluster PSC ventures with 20 percent and 50 percent equity interest respectively.

Petros’ participation in the SK437 PSC will provide an opportunity for PSEP to expand its role in exploration activities off the coast of Sarawak.

For this PSC, Petros EP is being carried for the exploration phase which allows it to manage its exploration risks while seeking to build its capability.

The addition of exploration block SK437 PSC to the existing producing ventures, MLNG PSC and Kumang Cluster PSC has further diversified PSEP’s portfolio of assets off the coast of Sarawak.

-THE MALAYSIA VOICE