UK oil and gas company EnQuest has been awarded the Block PM409 Production Sharing Contract (PSC) located offshore Malaysia in partnership with Petronas Carigali by Petronas.
Under the terms of the PSC, awarded as part of the 2019 Malaysia Bidding Round, EnQuest will operate the block with a participating interest of 85%, with Petronas Carigali owning the remaining 15% interest.
Block PM409 measures approximately 1,700 km2 and is located offshore Peninsular Malaysia in water depths of 70 to 100 meters. The block is in a proven hydrocarbon area containing several undeveloped discoveries and is contiguous to the group’s existing PM8/Seligi PSC, providing low-cost tie-back opportunities to the group’s existing Seligi main production hub.
Within the initial four-year exploration term of the PSC, the partners are committed to the drilling of one well. EnQuest said on Wednesday.
EnQuest Chief Executive, Amjad Bseisu , said: “We are delighted to have been awarded the Block PM409 PSC and to expand our presence in Malaysia. The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in low-cost drilling and near-field development. We would like to thank Petronas for their confidence in awarding us this block and we look forward to continuing our productive partnership with Petronas Carigali.”
Petronas Senior Vice President of Malaysia Petroleum Management, Mohamed Firouz Asnan , said: “The effort to sustain Malaysia’s petroleum as a vibrant industry can only be achieved through effective collaborations with partners with unique value propositions made possible through the innovative PSC models offered by Petronas.”
When it comes to EnQuest’s PM8/Seligi PSC, earlier this year, EnQuest hired a tender assist drilling rig owned by Singapore’s Energy Drilling for its drilling operations in the PSC.
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