PTT Exploration and Production (PTTEP) has won the rights for exploration of an offshore petroleum resource block in Malaysia's Sarawak state, according to the company's chief executive Somporn Vongvuthipornchai.
He said the seismic survey and one exploration well would be conducted for the three-year exploration period.
PTTEP HK Offshore Ltd, a subsidiary of PTTEP; KUFPEC Malaysia and Petronas Carigali signed a production sharing contract with Petroliam Nasional Berhad (Petronas) for the exploration of the Block SK410B.
"Malaysia is renowned as being an area in Southeast Asia of high petroleum potential. From 2011-15 oil and gas were discovered continually and SK410B is situated in an area where there have been considerable natural gas discoveries. Furthermore the acquisition of this block is in alignment with PTTEP's strategy for future growth," said Mr Somporn.
PTTEP will be the operator of the exploration Block SK410B, which is located in shallow water in offshore Sarawak.
PTTEP HK Offshore Limited will hold 42.5%, while its joint venture partners KUFPEC and Petronas Carigali will hold 42.5% and 15% respectively, he said.
PTTEP and its partners plan to conduct 3D seismic surveys and drill one exploration well during the three-year exploration period.
The company currently invests in petroleum exploration, development and production in 38 projects in 11 countries including the Malaysia-Thailand Joint Development Area.