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Lundin scoops Malaysian booty
By Upstream staff
Swedish independent Lundin Petroleum has sealed three new production sharing contracts with Malaysia’s Petronas, the outfit said today.
The PSCs cover blocks PM308A and PM308B that lie off Peninsular Malaysia in the Penyu basin and Block SB303 that lies off Sabah.
Lundin holds a 35% stake and is the operator in PM308A, while Nippon Oil Exploration and Japan Energy E&P each hold a 20% interest, with the remaining 25% in the hands of Petronas Carigali, the exploration offshoot of Petronas.
In Block PM208B, Lundin holds a 75% stake and will act as the operator, while Petronas Carigali holds the remaining 25%.
Petronas said the production sharing contractors would need to spend at least $157 million on the blocks.
The outfits will buy and process a total of 1250 line kilometres of 2D seismic data and drill eight wildcat wells, Petronas said in a statement.
Blocks PM308A and PM308B cover an area of around 5500 square kilometers and 8600 square kilometers respectively. Block PM308A contains one oil discovery, the Rhu field, and several prospects have been identified from previous 2D and 3D seismic shoots, said Lundin.
Block SB303 that lies off north eastern Sabah will be operated by Lundin on a 75% interest with Petronas Carigali holding the remaining 25%.
Block SB303, previously operated by Shell, has one undeveloped gas discovery, Titik Terang, and has been identified to contain a number of leads and prospects with potential for both oil and gas.
Monday, 07 April, 2008, 07:19 GMT | last updated: Monday, 07 April, 2008, 07:22 GMT
