The production sharing contract (PSC) was offered under the Malaysia Bid Round 2022, organized by Malaysia Petroleum Management.
The planned work program includes a new 3D seismic survey and other technical studies to assess petroleum potential during 2023-2024, building on initial studies of subsurface data that indicated oil and gas potential.
In the surrounding blocks there have been numerous discoveries, including on the PTTEP-operated and producing SK309 and SK311.
Petronas will operate the 3,602-sq-km SK325, with a 60% interest, while PTTEP SKO and PSEP will have 32.5% and 7.5%, respectively.
Under the same bid round, Petronas awarded Longboat Energy (2A), a subsidiary of Norwegian independent Longboat Energy, a PSC for Sarawak’s offshore Block 2A. Longboat will operate with a 36.75% interest, in partnership with Petronas.
Block 2A is northwest of the Central Luconia hydrocarbon province and outboard of recent gas discoveries. It spans a 12,000-sq km area in water depths from 100 m to 1,400 m.
Work to date has identified large prospects across multiple plays in the concession. The main prospect, named Kertang, is an anticlinal structure with a closure of more than 100 sq km at multiple levels that could contain multiple cubic feet of gas in stacked reservoirs. Seismic indicators for the presence of gas can be observed in the area and over the crest of the prospect.
These indicators, and geochemical analysis of sea floor samples over the main prospect, suggest the area may well be gas-prone, Longboat said.