Sarawak govt endorses Petros award of onshore oil mining to Petra Energy

by BERNAMA / Pic Source: petroleumsarawak.com

KUCHING – The Sarawak government has endorsed the conditional award by Petroleum Sarawak Bhd (Petros) for Sarawak Onshore Block SK 433 to Petra Energy Development Sdn Bhd as operator of the block and its joint venture partner, Uzma Engineering Sdn Bhd.

Sarawak Chief Minister’s Office said the award signifies a milestone and the ‘operationalisation’ of its control of the onshore oil mining and exploration in the state, pursuant to the Commercial Settlement Agreement (CSA) with Petronas signed on Dec 7 last year.

“This is a significant milestone for Sarawak as we look forward to the resumption of active exploration and production activities onshore after a lapse of several years.

“Petros, as the Sarawak state-owned petroleum company, will be the one-stop centre for the state, playing the role of resource regulator and manager,” it said in a statement today.

It said Block SK 433 covers the Miri-Marudi area in northern Sarawak, while the award is also the result of a competitive bidding exercise that was managed by Petros since January.