Kuala Lumpur, March 22, 2022 – SapuraOMV Upstream Sdn. Bhd. (‘SapuraOMV’) subsidiary, SapuraOMV Upstream (Malaysia) Sdn. Bhd. and its partner, PTTEP HK Offshore Limited (PTTEP HKO) have been awarded the Production Sharing Contract (PSC) of Block SB412, off the coast of Sabah, Malaysia by PETRONAS. This award is a positive outcome from their participation in the Malaysia Bid Round (MBR) 2021 that was hosted by the Malaysia Petroleum Management (MPM), PETRONAS.
SapuraOMV Chief Executive Officer Muhammad Zamri Jusoh said, ‘This new PSC provides us the impetus to rejuvenate our exploration efforts in Malaysia. This will augment our already successful exploration, development and production track record and further support our longterm growth strategy. We are also excited to commence this new partnership with PTTEP, Thailand’s national petroleum exploration and production company, as we build long lasting and mutually beneficial collaboration.
SB412 PSC award is SapuraOMV’s first PSC block in Sabah as a joint venture entity, following the successful upstream gas development and production from SK310 and SK408 in Sarawak.
SB412 block is located offshore northwest of Sabah and covers approximately 15,914 square kilometres. SapuraOMV will hold a 40% working interest whilst PTTEP HKO who operates the block, holds the remaining 60% working interest.
The PSC signing ceremony was held today at the Kuala Lumpur Convention Centre, in conjunction with the Offshore Technology Conference Asia (OTCA) 2022. The PSC partners were represented by SapuraOMV Chief Executive Officer Muhammad Zamri Jusoh and PTTEP Chief Executive Officer Montri Rawanchaikul, whilst PETRONAS was represented by MPM Senior Vice President, Mohamed Firouz Asnan.
