PETRONAS SIGNS NEW PSC FOR BARAM DELTA WITH PETRONAS CARIGALI AND SARAWAK SHELL

PETRONAS today signed a new Production Sharing Contract with PETRONAS Carigali Sdn Bhd and Sarawak Shell Bhd for Baram Delta offshore Sarawak following the expiry of the PSC awarded in 1988.PETRONAS Carigali holds a 60 per cent equity interest in the new PSC and continues as the operator while Sarawak Shell holds the remaining 40 per cent interest. The PSC covers the Delta’s Bakau, Baram, Baronia, Betty, Bokor, Fairley Baram, West Lutong, Tukau and Siwa oil fields. In addition, three undeveloped small nearby discoveries namely Baronia Timur Laut, Fatimah and Tanjung Baram will also come under the PSC terms to take advantage of the close proximity and the existence of oil and gas infrastructure in the area.

Under the new PSC, Sarawak Shell will deploy cutting edge technologies and worldwide experience to increase oil field recovery factors as well as to extend the life of the aging oil and gas facilities in the Baram Delta. These work commitments and new investments will add significant oil reserves and increase oil production capacity in the Baram Delta. It will also provide the opportunity for PETRONAS to acquire the necessary knowledge and ensure effective transfer of technology.

At the PSC signing ceremony in Kuala Lumpur, PETRONAS was represented by its President & Chief Executive Officer Tan Sri Dato Sri Mohd Hassan Marican, PETRONAS Carigali by its Managing Director/Chief Executive Officer Encik Mohamad Johari Dasri, and Sarawak Shell by Shell Malaysia’s Chairman Mr. Jon Chadwick.
Issued by
Media Relations & Information Department

Sep 18, 2003OffshoreMan

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