Petronas Awards Two Blocks to PTTEP

Malaysian state Petronas has awarded two offshore blocks to Thai PTTEP, it said March 22.

The two blocks, Block PM407 and Block PM415, located approximately 160-km offshore Peninsular Malaysia, have been awarded to PTTEP Hong Kong Offshore (PTTEP HKO) and Petronas Carigali, a subsidiary of Petronas.

A signing ceremony for the production sharing contracts (PSC) and joint operating agreement (JoA) for the blocks, awarded as part of the 2018 Malaysia Bidding Round, was held March 21 in the Malaysian capital of Kuala Lumpur.

PTTEP HKO is the operator for both blocks, with a participating interest of 55% for Block PM407 and 70% for Block PM415, while Petronas Carigali owns the remaining 45% and 30% in the respective blocks, Petronas said in a statement published on it website.