PTT Exploration and Production Public Company Limited (PTTEP) has announced an update on the completion of partial divestment of 10% participating interest in Block SK405B PSC, located off the coast of Sarawak, Malaysia.
PTTEP announced with a reference dated 15 December 2023, with respect to signing of a Farm-Out Agreement to transfer 10% participating interest in Block SK405B Production Sharing Contract (PSC), located off the coast of Sarawak in Malaysia, to PETRONAS Carigali Sdn Bhd (PCSB). With this transfer, the new participating interest of each party shall be as follows;
PTTEP Sarawak Oil Limited : 49.5%
Moeco Oil (Sarawak) Sdn. Bhd. : 25.5%
PETRONAS Carigali Sdn. Bhd. : 25%
PTTEP announced that the conditions precedent as prescribed in the Farm-Out Agreement have been satisfied, which include obtaining all necessary approvals from Petroliam Nasional Berhad (PETRONAS) through Malaysia Petroleum Management, as the custodian of national hydrocarbon resources in Malaysia. The divestment was completed and effective on 30 April 2024.
