Petronas awards first PSC this year to Thai, Kuwaiti firms

High petroleum potential: The national oil company welcomes PTTEP for its first operatorship in Malaysia.

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has awarded its first production sharing contract (PSC) of the year to units of Thai state-owned PTT Exploration and Production Public Co Ltd (PTTEP) and Kuwait Petroleum Corp (KPC) for exploration Block SK410B located offshore Sarawak.

The national oil company said under the terms of the PSC, PTTEP’s unit PTTEP HK Offshore Ltd would operate the block with participating interest of 42.5%, while KPC’s overseas exploration and production arm Kuwait Foreign Petroleum Exploration Co (Kufpec), through Kufpec Malaysia (SK-410B) Ltd, held another 42.5%.