SK earthon, a wholly owned subsidiary of South Korea’s SK Innovation Co. Ltd., signed a production sharing contract with PETRONAS and Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP) for Block SK427 off the coast of Sarawak, Malaysia.
SK earthon is operator of the block with 85% participating interest while PSEP, the Sarawak-owned oil and gas company, holds the remaining 15%.
The block lies within the Balingian and Tatau hydrocarbon provinces covering an area of 3,349 sq km. Hydrocarbon discoveries were made in 2021 in the Balingian province near the block, namely Sirung-1 and Hadrah-1 wells.
SK427 PSC is one of the six blocks awarded from the Malaysia Bid Round 2021.