PETALING JAYA: Petroliam Nasional Bhd (PETRONAS), through its wholly owned subsidiary PETRONAS Carigali Sdn Bhd, has entered into a series of farm-out agreements (FOAs) with TotalEnergies, Kuwait Foreign Petroleum Exploration Company (KUFPEC) and PTTEP for the integrated development of the SK410B Lang Lebah and B14 gas fields offshore Sarawak.
In a statement, the national oil company said under the agreements, TotalEnergies will assume operatorship of both fields upon completion of the arrangements, which cover the SK410B production sharing contract (PSC) and B14 PSC.
The integrated development approach is expected to enhance coordination between the two fields through optimised infrastructure planning, facilities development and resource monetisation, while improving project efficiency and long-term value creation for Sarawak and Malaysia.
Upon completion of the FOAs, TotalEnergies will hold a 30% participating interest in each PSC as operator, while PTTEP and KUFPEC will each hold 2%, and PETRONAS Carigali will retain a 20% stake.
The agreements mark an important milestone in unlocking the gas resources of both fields, enabling the joint venture partners to optimise resources, improve project execution efficiency and accelerate development.
