PETRONAS, Partners Gain from Malaysia’s Production Sharing Contracts

Dateline 2015-11-25, Rigzone:

Sweden’s Lundin Petroleum AB, when announcing the sale of upstream oil and gas assets in Indonesia to PT Medco Energi Internasional Tbk (Medco) last month, reiterated the importance of Malaysia to the firm’s growth strategy in Southeast Asia. Lundin after all operates several production sharing contracts (PSCs) in the country.

“We remain committed to our growth strategy in Southeast Asia where Malaysia continues to be one of Lundin Petroleum’s core areas,” Alex Schneiter, president and CEO of Lundin Petroleum said in an Oct. 9 press release.

The Swedish firm, which currently operates six PSCs in Malaysia – PM307, PM319, PM308A, PM308B, PM328 and SB307/308 – mainly in partnership with PETRONAS Carigali Sdn Bhd discovered gas at Mengkuang-1 exploration well in Block PM307 offshore Malaysia Oct. 26.

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