LONDON: EnQuest PLC, an independent oil and gas production and development company, is awarded the Block PM409 Production Sharing Contract (PSC) in partnership with PETRONAS Carigali Sdn Bhd (PCSB) by PETRONAS.
Under the terms of the PSC, EnQuest will operate the block with a participating interest of 85.0%, with PCSB owning the remaining 15.0%.
Block PM409 measures approximately 1,700 km2 and is located offshore Peninsular Malaysia in water depths of 70 to 100 metres. The block is in a proven hydrocarbon area containing several undeveloped discoveries and is contiguous to the Group’s existing PM8/Seligi PSC, providing low-cost tie-back opportunities to the Group’s existing Seligi main production hub.
Within the initial four-year exploration term of the PSC, the partners are committed to the drilling of one well.
EnQuest Chief Executive, Amjad Bseisu, said: “We are delighted to have been awarded the Block PM409 PSC and to expand our presence in Malaysia. The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in low-cost drilling and near-field development. We would like to thank PETRONAS for their confidence in awarding us this block and we look forward to continuing our productive partnership with PETRONAS Carigali.”