In a statement Petronas said, “Under the PSC, PC JDA Ltd and PTTEP are committed to explore and develop the block, which covers an area of approximately 3,475 square km. PC JDA Ltd and PTTEP will each hold 50% of the participation interest in the PSC.”
“The award of the block B-17-01 PSC today shows Petronas’ continued commitment to explore and develop the petroleum resources in MTJDA jointly with PTT,” it added without elaborating further.
The block is located in the offshore Malaysia-Thailand Joint Development Area, an area of the South China Sea which overlaps the borders of the SE Asian nations where hydrocarbon resources have been discovered. Both Petronas and PTT are also partners in blocks B-17 and C-19 in the area.
