Project Profile
Value: US$75 million
Location: Offshore Sabah, Malaysia
Water Depth: Up to 150 metres
Area: 5,815 sq km
Start-up Year: -
PETRONAS awarded a Production Sharing Contract (PSC) for Block SB309 offshore Sabah to a partnership between Talisman Malaysia Ltd and PETRONAS Carigali Sdn Bhd. The block, measuring 5,815 sq km, is located in water depths of up to 150 metres. Previous exploration efforts were confined to the shallower sections in the blocks while the deeper sections remain mostly under-explored. Under the terms of the block PSC, Talisman Malaysia, with participating interest of 70% in each block, will operate Block SB309. PETRONAS Carigali, the exploration and production arm of PETRONAS, will own the remaining 30% interest in the block. For Block SB309, the partners are committed to acquire 1,300 square kilometres of new 3D seismic data and to drill three wells to a minimum aggregate depth of 8,500 metres. The minimum financial commitment for this block is estimated at US$75 million.
Operators:
Talisman Malaysia: Operator with 70% interest
PETRONAS Carigali Sdn Bhd: 30% interest