KUALA LUMPUR, Malaysia – Petronas has awarded a production sharing contract for Block SK427 offshore Sarawak.
SK earthon, a subsidiary of South Korea’s SK Innovation Co., will operate with an 85% stake, the remainder held by Petroleum Sarawak Exploration & Production (PSEP).
The 3,349-sq km (1,293-sq mi) concession, in the Balingian and Tatau provinces, is within a proven hydrocarbon system. In 2021 there were various discoveries close to the block in the Balingian province, including the Sirung-1 and Hadrah-1 wells.
SK427 was one of the six blocks awarded under the Malaysia Bid Round 2021.