Lundin Petroleum AB subsidiary Lundin Malaysia BV has signed farm-out agreements with subsidiaries of DYAS B.V. (DYAS) for part of its working interests in three production-sharing contracts (PSC) offshore Malaysia, Lundin said in a news release.
The agreements cover blocks PM328, SB307/308 and gas-holding areas in SB303 with an effective date of July 1, 2015, the release said. The terms of the farm-out agreements are:
- PSC SB307/308: DYAS will be transferred a 20 percent working interest for paying a promote on certain forward costs in relation to the upcoming exploration campaign on Block SB307/308 in the Sabah region offshore East Malaysia.;
- PSC SB303: DYAS will be transferred a 20 percent working interest in the gas-holding area in Block SB303 in Sabah offshore East Malaysia and
- PSC PM328: DYAS will be transferred a 15 percent working interest in PM328 in the Malay Basin offshore Peninsular Malaysia, according to the release.
Subsequent to this transaction, Lundin Petroleum holds a 65 percent working interest in SB307/308, a 55 percent working interest in SB303 and a 35 percent working interest in PM328, the release said.
Recommended Reading
The Secret to Record US Oil Output? Drilling Efficiencies—EIA
2024-03-06 - Advances in horizontal drilling and fracking technologies are yielding more efficient oil wells in the U.S. even as the rig count plummets, the Energy Information Administration reported.
Plus 16 Bcf/d: Power Hungry AI Chips to Amp US NatGas Draw
2024-04-09 - Top U.S. natural gas producers, including Chesapeake Energy and EQT Corp., anticipate up to 16 Bcf/d more U.S. demand for powering AI-chipped data centers in the coming half-dozen years.
Core Scientific to Expand its Texas Bitcoin Mining Center
2024-04-16 - Core Scientific said its Denton, Texas, data center currently operates 125 megawatts of bitcoin mining with total contracted power of approximately 300 MW.
Exxon’s Payara Hits 220,000 bbl/d Ceiling in Just Three Months
2024-02-05 - ExxonMobil Corp.’s third development offshore Guyana in the Stabroek Block — the Payara project— reached its nameplate production capacity of 220,000 bbl/d in January 2024, less than three months after commencing production and ahead of schedule.
Venture Global, Grain LNG Ink Deal to Provide LNG to UK
2024-02-05 - Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG terminal.