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The Block SK305 is located in the Balingian Province offshore Sarawak covering an area of about 15,164sq.km with a water depth of around 150m
Under the PSC the operators will drill two firm and two optional exploration wells as well as acquire and process new 2D and 3D seismic data on the block. The minimum financial commitment for the block is RM39 million.
The partners believe the cooperation agreement will pave the way for further joint venture arrangements in Malaysia, Vietnam and Indonesia having already secured exploration blocks in Vietnam and Malaysia.
The parties are also evaluating acreage in Indonesia and expect to conclude a similar contract soon.
The PSC will see the three parties form a joint venture company, the PCPP Joint Operating Company, to operate the block. Petronas will hold a 40% equity in PCPP, while Pertamina and PetroVietnam have a 30% stake each.
