Fossil Energy – Sarawak
Petronas has discovered gas in its Cengkih-1 exploration well in Block SK 320 in the Central Luconia Province, about 220km off the coast of Bintulu, Sarawak.
The monetisation of the discovery can be expedited at a lower cost, given the proximity to the many existing facilities, including that of Pegaga, which started production in March this year.
Mubadala Energy operates the block with a 55% participating interest in the production sharing contract (PSC). Petronas holds 25%, while Sarawak Shell holds the remaining 20%.