KUALA LUMPUR (Feb 17): Thailand-based PTT Exploration and Production Public Co Ltd (PTTEP) has partnered with Petronas Carigali Sdn Bhd and Petroleum Sarawak Exploration & Production Sdn Bhd (PSEP) in offshore exploration off the coast of Sarawak.

PTTEP’s unit PTTEP Sarawak Oil Ltd (PTTEP SKO), along with Petronas Carigali and PSEP, signed a production sharing contract with Petroliam Nasional Bhd (Petronas) for the 3,602 square kilometre offshore exploration Block SK325, according to a statement on PTTEP’s website on Wednesday.

Petronas Carigali will be the operator of Block SK325 with 60% interest, while PTTEP SKO holds 32.5% and PSEP 7.5%.

PTTEP chief executive officer Montri Rawanchaikul added that the investment not only demonstrates the group’s commitment to drive continuous growth in strategic focus areas but also strengthens its partnership with Petronas Carigali and PSEP.

“We are delighted to join Petronas Carigali and PSEP in this promising exploration opportunity,” Rawanchaikul said, adding the group believes the expertise and experience of the joint venture partners will lead to exploration success.

PTTEP said that according to the exploration plan, the consortium will conduct a 3D seismic survey and other technical studies from 2023 to 2024 to assess Block SK325’s petroleum potential.

“The initial studies of subsurface data indicated oil and gas potential," it said, adding the surrounding blocks — including PTTEP-operated producing Block SK309 and Block SK311 — had successful discoveries.

Block SK325 was offered under the Malaysia Bid Round 2022 — an annual licensing round organised by Malaysia Petroleum Management.