Posco International wins offshore gas project in Malaysia

November 12, 2021


Dateline 2021-11-02, Pulse:

Posco International Corp., a trading arm of South Korean steel giant Posco, has secured offshore natural gas exploration and production rights in Malaysia, accelerating its energy exploration push in natural resource-rich Southeast Asia.

Posco International said Monday that it signed a production sharing contract for Block PM524 natural gas field with Malaysia`s state-owned oil and gas company Petroliam Nasional Berhad (Petronas). Under the contract, Posco International will explore and operate Block PM524, a 4,738 square-meter natural gas field located in the sea about 50 to 80 meters deep off the east coast of Malaysia.

POSCO International wins right to explore gas fields off Malaysian Peninsula

September 3, 2021


PM524 minefield?

Dateline 2021-08-10, Aju Business Daily:

┬áPOSCO International, a trading arm of South Korea’s steel group, will work with Petronas, a Malaysian state oil and gas company, to explore gas fields in waters of the east coast of the Malaysian Peninsula.

In an international bid, POSCO International said it has won the right to explore and operate the PM524 minefield where Petronas already operates a gas field. The South Korean company aims to sign a product distribution contract within this year after coordinating with Petronas on detailed conditions.

POSCO International has picked promising mining areas by checking seismic waves and drilling data. The company will hold an 80 percent stake, along with the right to operate, while the remainder will be controlled by Petronas’ subsidiary, Petronas Carigali Sdn Bhd, a subsidiary of the Malaysian state company.