Petra wins conditional award to jointly develop Block SK433, onshore Sarawak

Petra Energy Development Sdn Bhd (PEDSB) and Uzma Berhad (UZMA) received a letter of conditional award from Petroleum Sarawak Berhad (Petros) for exploration, development, and production of Block SK433. The block is onshore Sarawak in the Miri-Marudi area covering Northern Marudi and includes the Adong Kecil West discovery. The block is an extension of the Baram Delta, which has been producing oil for decades.

The PEDSB-UZMA joint venture aims to monetize the field with an extended production system following a successful appraisal campaign.

Phase one of the contract is for an initial 4 years with an option to extend 1 year. Phase two includes development and production activities. The total contract duration is 29 years. Terms and conditions of the contract are being finalized.

PEDSB will be operator under the contract.