KUALA LUMPUR, May 25 /Xinhua-PRNewswire/ -- PETRONAS today signed two
Production Sharing Contracts (PSCs) with Newfield Exploration Company of the
United States and PETRONAS Carigali Sdn Bhd for Block PM318 offshore
Peninsular Malaysia and Deepwater Block 2C offshore Sarawak.
Block PM318 covers an area of about 1,600 square kilometres and is
situated about 300 kilometres offshore Kertih in water depths ranging from 60
to 80 metres. The block is located in the Malay Basin, which is an
established oil and gas producing area.
Deepwater Block 2C is located in the deepwater area off the coast of
Sarawak in water depths ranging from 200 to 2,000 metres. The block, which
covers an area of about 4,400 square km, is relatively under explored. Recent
3D seismic data acquired by PETRONAS within the block revealed the presence of
numerous untested exploration opportunities in the area.
Under the terms of the PSCs, Newfield Peninsula Malaysia Inc. and Newfield
Sarawak Malaysia Inc., both wholly owned subsidiaries of Newfield Exploration
Company, will have 50 per cent and 60 per cent working interests in Block
PM318 and Deepwater Block 2C respectively. PETRONAS Carigali, the exploration
and production arm of PETRONAS, will own the remaining 50 per cent and 40 per
cent interests in the respective blocks.
PETRONAS Carigali is the operator for Block PM318. The two partners will
acquire and process 400 square km of new 3D seismic data and drill four
wildcat wells in the block to a minimum depth of 7,000 metres. A minimum
financial commitment for the block is US$12 million.
Deepwater Block 2C will be operated by Newfield Sarawak. The partners
will drill a minimum of two wildcat wells in the block to a minimum depth of
6,000 metres and to reimburse PETRONAS a total of US$7.5 million for the new
3D seismic data that PETRONAS acquired for the block. A minimum financial
commitment for the block is US$28 million.
Newfield Exploration Company, which was founded in 1989, has its
headquarters in Houston, Texas. It is an independent exploration and
production company with worldwide operations. The company is new in
Malaysia's upstream arena.
At the PSC signing ceremony held at the PETRONAS Twin Towers in Kuala
Lumpur, PETRONAS was represented by its President & Chief Executive Officer
Tan Sri Dato Sri Mohd Hassan Marican, Newfield Exploration Company by its
President, Mr. David A. Trice and PETRONAS Carigali by its Managing
Director/CEO Mr. Mohamad Johari Dasri.
PETRONAS (Petroliam Nasional Berhad) is Malaysia's national petroleum
corporation. Set up in 1974, PETRONAS has since grown into a multinational
entity engaged in the full spectrum of the oil and gas activities with
strategic business interests in 35 countries worldwide. Three of its
subsidiaries are listed on the Malaysian Stock Exchange.
PETRONAS is a Fortune 500 corporation. For the financial year ended March
31, 2003, PETRONAS recorded consolidated revenue of US$21.433 billion, net
profit of US$3.976 billion and consolidated assets of US$46.851 billion.
About 80 per cent of its revenue came from its international operations and
For more information, please contact:
Mr. Azman Ibrahim in Kuala Lumpur
SOURCE PETRONAS (Petroliam Nasional Berhad)