Lundin to acquire stake in PM328 offshore Malaysia

Lundin Petroleum AB

Lundin Petroleum AB, through its wholly owned subsidiary Lundin Malaysia BV, has entered into agreements to acquire a 50% interest in PM328, and operatorship of the block, from Petronas Carigali. The effective date of the transaction is Aug. 31.

PM328 is located offshore Malaysia, northeast of PM307, which is also operated by Lundin Malaysia. PM328 covers an area of 2,162 square miles (5,600 square kilometers).

The initial PSC term is for three years; within the first 18 months, Lundin Malaysia has committed to undertake the acquisition of 231.6 square miles (600 square kilometers) of 3D seismic. Lundin Malaysia then has the option to commit to drilling one well in the remaining 18 months, or elect to hand back its interests to Petronas Carigali without penalty.

The remaining interest in the block will be held by Petronas Carigali (40%) and E&P Malaysia Venture Sdn Bhd (10%).

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...