PTT Exploration and Production Public Co. Ltd. (PTTEP) and SapuraOMV have been awarded exploration Block SB412 off the northwest coast of Sabah, Malaysia, as part of the Malaysia Bid Round 2021 hosted by Malaysia Petroleum Management.
PTTEP subsidiary PTTEP HK Offshore Ltd. (PTTEP HKO) and SapuraOMV Upstream (Malaysia) Sdn. Bhd. signed a production sharing contract with Petronas for the 15,914-sq km exploration block.
Subsurface data indicate petroleum potential with surrounding blocks having reported discoveries, PTTEP said in a release Mar. 23. The area is “well-equipped with infrastructure and facilities ready for petroleum development,” the company said.
The exploration plan calls for PTTEP HKO and SapuraOMV to carry out 3D seismic survey and other technical studies during in 2022 and 2023 to assess petroleum potential.
PTTEP HKO will serve as operator with 60% interest. SapuraOMV will hold the remaining interest.