Malaysia’s national oil company has awarded three offshore exploration areas, or blocks, to partnerships led by Sweden-based Lundin Petroleum AB. The total financial commitment to the three blocks is expected to be a minimum of USD 157 million. Lundin’s Malaysian unit, Lundin Malaysia BV, will have a 35% share of Block PM308A, located in the Penyu Basin off the east coast of peninsular Malaysia. Petronas’ unit, Petronas Carigali Sdn. Bhd, will get 25% of the block, while Japan-based Nippon Oil Exploration (Peninsular Malaysia) Ltd and Japan Energy Malaysia E&P Co. will each get 20%. Two other blocks – PM308B and SB303 – were awarded to Lundin Malaysia and Petronas Carigali on a 75:25 split. Lundin will operate all three blocks. Blocks PM308A and PM308B are both in the Penyu Basin. Block PM308A has one oil discovery from previous exploration campaigns. Block SB303 is off eastern Sabah state. It has one undeveloped gas discovery and has prospects for both oil and gas.
