On 1 November 2017, PETRONAS officially awarded the Production Sharing Contract (PSC) for SK-405B to a consortium of Murphy Sarawak Oil Co, MOECO Oil (Sarawak) and Petronas Carigali (PCSB). The block will be operated by Murphy with 59.5% interest. MOECO will hold 25.5% interest while Petronas Carigali will have the remaining 15% stake.  Financial terms of the PSC were not disclosed. The commitments for the PSC will include reprocessing of seismic data and one exploration well during the first three years of exploration period. SK-405B covers an area approximately 2,352 sq. km in the Tatau and Balingian Province and located in water depth ranges from 20 to 50 m. Main exploration targets in this area are the Upper Oligocene to Lower Miocene clastic (Cycle I, II and III). The basement interval potential is untested in the block. The award was made following a competitive bidding exercise where PETRONAS invited bids from upstream companies for these blocks. SK-405B was offered in the 2015 Exploration Opportunity Malaysia by PETRONAS.
Malaysia, not found