Petronas has awarded two production sharing contracts (PSCs) for blocks SB331 and SB332 onshore Sabah to SapuraKencana Energy Sabah Inc., M3nergy Bhd, and Petronas Carigali Sdn Bhd.
The award was made after a competitive bidding exercise, where Petronas invited bids from upstream companies for these blocks.
Blocks SB331 and SB332, measuring 5,063 square miles (13,114 square kilometers) and 6,923 square miles (17,933 square kilometers), respectively, are located in the eastern part of Sabah. There have been minimal activities in the blocks but the presence of oil and gas seeps indicate a probable working petroleum system.
Under the term of both PSCs, SapuraKencana will operate the blocks with participating interest of 70%, while M3nergy will own up to 25% of the equity.