Petronas, TotalEnergies, Shell ink PSC for ultra-deepwater block offshore Malaysia

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Malaysia’s Petronas has signed a Production Sharing Contract (PSC) with TotalEnergies, Petronas Carigali, and Shell for Block 2K, an ultra-deepwater block off the coast of Sabah, Malaysia.

Petronas said that Block SB 2K, with a depth of up to 3,000 meters, covers an area of 1,952 square kilometres (km) and is located in the prolific north-west ultra-deepwater area within a proven hydrocarbon basin with promising hydrocarbon potential.

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Under the PSC terms, TE – a wholly owned subsidiary of France-based TotalEnergies SE – will be the operator with a 34.9% participating interest. Petronas Carigali will hold a 40% stake, and Shell the remaining 25.1%.

“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,” said Petronas’ Senior Vice President of Malaysia Petroleum Management (MPM), Mohamed Firouz Asnan.

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“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.

The five blocks come with available 3D seismic data from a recent mega multi-client survey, which will accelerate exploration drilling programmes. Additional data is also available through PETRONAS myPROdata, the company said.

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