Petronas signs production sharing contract for Block SK247 off the coast of Sarawak

May 16, 2022

Dateline 2022-04-22, The Edge:

Petroliam Nasional Bhd (Petronas) has signed a production sharing contract (PSC) with its new investor SK earthon Co Ltd and Sarawak-owned oil and gas company Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP) for Block SK247 off the coast of Sarawak.

Block SK427 is located within the prolific area of Balingian and Tatau hydrocarbon provinces covering an area of 3,349 sq km, according to Petronas in a statement on Friday (April 22).

“The block is situated in a proven hydrocarbon system and has promising hydrocarbon potential to be unlocked. Several significant hydrocarbon discoveries were made in 2021 in the Balingian province near the block, namely Sirung-1 and Hadrah-1 wells,” Petronas said.

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Petronas signs PSC with SK Earthon

May 15, 2022

Who now?

Dateline 2022-04-23, Malaysian Reserve:

PETRONAS has signed a Production Sharing Contract (PSC) with SK earthon Co., Ltd. (SK earthon) and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP) for Block SK427 off the coast of Sarawak.

SK earthon, a wholly owned subsidiary of South Korea’s SK Innovation Co., Ltd is the operator of Block SK427 with 85 percent participating interest while PSEP, the Sarawak-owned oil and gas company, holds the remaining 15 percent.

Signing on behalf of PETRONAS was Senior Vice President of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan, while SK earthon was represented by its Director and Head of Exploration & New Venture Office, Suntaek Bang, and PSEP by its Director and Chief Operating Officer, Dr James Foo.

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