KUALA LUMPUR: Uzma Bhd and its partner Petra Energy Bhd have secured a conditional award from Petroleum Sarawak Bhd (Petros) exploration, development and production contract at an onshore petroleum field known as Block SK433.
The Contract will be operated by Petra Energy Development Sdn Bhd (PEDS) as operator of the contract on behalf of the PEDSB-Uzma joint venture.
"Total duration of the Contract is 29 years," Uzma said in a filing with Bursa Malaysia today.
The company said Phase 1 of the contract is for an initial four years with an option to extend for another year. Upon successful outcome of Phase 1, the subsequent Phase 2 will involve the development and production activities.
Petros is Sarawak’s state-owned oil & gas company.