Petronas signs PSCs, attracting RM600mil exploration activities

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has signed Production sharing contracts (PSCs) for five offshore exploration blocks, enabling the state-owned oil and gas firm to attract a capital commitment of about RM600 million in exploration activities in Malaysia.

This will reflect the the attractiveness of the country’s hydrocarbon resources potential, Petronas senior vice-president of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan said in a statement after signing the PSCs on behalf of the company.