TotalEnergies to operate two Sarawak gas fields under farm-out deals
The proposed interests in each production sharing contract are 30% for TotalEnergies, 25% each for PTT and KUFPEC, and 20% for PETRONAS.
PETRONAS has agreed to farm out interests in two Sarawak offshore gas fields to TotalEnergies and national oil companies from Kuwait and Thailand. The arrangements will make TotalEnergies the operator for both fields, according to PETRONAS.
The deals concern the SK410B Lang Lebah and B14 production sharing contracts. Customary approvals are required for the participating interests: TotalEnergies will have 30%, PTT and Kuwait Foreign Petroleum Exploration Company (KUFPEC) will have 25% each, and PETRONAS will retain 20%.
PETRONAS said developing the resources together is expected to improve coordination of infrastructure planning, facilities and gas monetisation, as well as project efficiency.
The shallow-water Block SK410B sits about 90km off Miri and contains Lang Lebah. Gas resources at that field reach a maximum of seven trillion cubic feet. B14 contains gas resources of as much as 1.5 trillion cubic feet and is in Block SK310, about 100km from Bintulu.
The joint venture agreements were formalised at a ceremony in the United Arab Emirates involving PETRONAS Carigali Sdn Bhd, TotalEnergies, KUFPEC and PTT Exploration and Production.
