PETRONAS awards PSC for Block PM524 for POSCO & PCSB

PETRONAS has awarded a Production Sharing Contract (PSC) for Block PM524 to POSCO International E&P Malaysia Sdn Bhd (POSCO International) and PETRONAS Carigali Sdn Bhd (PCSB).

POSCO International, a wholly-owned subsidiary of South Korean POSCO International Corporation, is the operator with 80% participating interest. PCSB, PETRONAS’ wholly-owned subsidiary, holds the remaining 20%.

The PSC was signed in a virtual ceremony. Signing on behalf of PETRONAS was Senior Vice President of Malaysia Petroleum Management Mohamed Firouz Asnan, while the Petroleum Arrangement contractors were represented by POSCO International Chief Executive Officer Si-Bo Joo and PETRONAS Vice President of Malaysia Assets, Upstream, and PCSB Chief Executive Officer Hasliza Othman. Also present was PETRONAS Executive Vice President & Chief Executive Officer of Upstream Adif Zulkifli.

Block PM524 is located in the prolific area of the Malay Basin, surrounded by several key producing fields including Tangga Barat that supply gas to the Peninsular Malaysia market.

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