PETRONAS today awarded two deepwater exploration blocks offshore Sabah under separate Production Sharing Contracts (PSC) to partnerships between JX Nippon, INPEX Corporation and PETRONAS Carigali Sdn Bhd.
The PSC for Deepwater Block R was awarded to the partnership of JX Nippon Oil & Gas Exploration (Deepwater Sabah) Ltd (operator; 37.5%), INPEX Offshore South West Sabah Ltd (37.5%) and PETRONAS Carigali Sdn Bhd (25%).
For Deepwater Block S, the PSC was awarded to INPEX Offshore North West Sabah Ltd (operator; 75%) and PETRONAS Carigali (25%).
The Deepwater Blocks R and S measure 672km2 and 574km2 respectively and are located in water depths ranging from 100 to 1,600 metres. These exploration blocks are near key discoveries such as the Kikeh, Kebabangan, and Gumusut-Kakap fields, to name a few.
The partners for the Deepwater Block R are committed to drill three wildcat wells and acquire 700km2 of new 3D seismic data, while for the Deepwater Block S the PSC partners will drill two wildcat wells and acquire 600km2 of new 3D seismic data. The minimum financial commitment for Deepwater Blocks R and S are US$123 million and US$72 million respectively.
The PSCs were signed today at the PETRONAS Twin Towers in Kuala Lumpur. PETRONAS was represented by its Vice President (Petroleum Management), Encik Ramlan Abdul Malek; JX Nippon by its President & CEO Mr. Makoto Koseki; and INPEX by its Director Mr. Seiji Yui. PETRONAS Vice President and CEO of PETRONAS Exploration Encik Effendy Cheng Abdullah represented PETRONAS Carigali.
Media Relations Department
Group Corporate Affairs Division
17 January 2012