TotalEnergies, Petronas Carigali, and Shell Sign PSC for Ultra-deepwater Offshore Block in Malaysia

Thursday, October 13, 2022

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.

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

Under the PSC terms, TotalEnergies will be the operator with a 34.9 percent stake. Petronas Carigali will hold a 40 percent stake, and Shell the remaining 25.1 percent.

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

“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.

Categories: Energy Deepwater Drilling Industry News Activity Asia

Related Stories

Ultra-Deepwater FPSO Starts Oil Production Offshore Brazil

CEP Taps Zenith Energy for Well Management Services Offshore Poland

HydroWing Inks Deal with PLN for Indonesia’s First Tidal Energy Plant

Current News

Migatron Launches New Ultrasonic Sensor

Brent Field Decommissioning Project Enters Next Phase

Orsted says US Green Energy Demand Will Grow Regardless of Election Results

Norclamp Introduces Infinity Clamp for Aging Subsea Pipelines

Subscribe for OE Digital E‑News