Malaysia’s Petronas has signed a production sharing contract with subsidiaries of TotalEnergies SE and Shell Plc for an ultra-deepwater block located off the coast of Sabah.
Called 2K, the block covers 1,952 sq km and is located in an area “within a proven hydrocarbon basin with promising hydrocarbon potential,” Petronas said in a statement on Oct. 13.
The production sharing contract was signed between TotalEnergies EP Malaysia, Sabah Shell Petroleum Co Ltd., Shell Sabah Selatan Sdn Bhd, and Petronas' upstream unit, Carigali Sdn Bhd.
TotalEnergies EP Malaysia will be the operator, with a 34.9% participating interest, while Petronas Carigali will hold a 40%, interest, Petronas said.
The remaining participating interest is split equally between the Shell subsidiaries.
A total of four wells are expected to be drilled in Block 2K and four other ultra-deepwater blocks off the coast of Sabah in 2022 and 2023.
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
CPP Wants to Invest Another $12.5B into Oil, Gas
2025-03-26 - The Canada Pension Plan’s CPP Investments is looking for more oil and gas stories—in addition to renewable and other energies.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Ovintiv Names Terri King as Independent Board Member
2025-01-28 - Ovintiv Inc. has named former ConocoPhillips Chief Commercial Officer Terri King as a new independent member of its board of directors effective Jan. 31.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.