THAILAND’S PTTEP has been awarded its first Production Sharing Contract (PSC) in Malaysia.

The company was part of a consortium that includes KUFPEC Malaysia (SK-410B) Limited, and PETRONAS Carigali Sdn Bhd awarded exploration block SK410B by PETRONAS.

“Today’s signing not only marks PETRONAS’ first PSC award in 2016, but also welcomes PTTEP for their first operatorship in Malaysia,” said PETRONAS’ executive vice president Upstream, Datuk Mohd Anuar Taib.

“We are also pleased to collaborate with our long term partners, KUFPEC once again.”

Under the terms of the PSC, PTTEP will operate the block with participating interest of 42.5 per cent, KUFPEC with 42.5 per cent and PETRONAS Carigali with 15 per cent interest.