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South Korean Posco secured offshore gas exploration & production rights in Malaysia

This is the 1st time Posco has entered the Malaysian upstream

South Korean Posco secured offshore gas exploration & production rights in Malaysia

Kuala Lumpur, November 2 - Neftegaz.RU. Posco International signed an agreement with Malaysia's state-owned Petronas to explore and operate a gas field in the Southeast Asian country.

Under the contract, Posco will explore and operate Block PM524, a 4,738 sq.m. natural gas field located in the sea about 50 to 80 m deep off the east coast of Malaysia.
Mohamed Firouz Asnan, Senior VP of Malaysia Petroleum Management, said:
  • We welcome POSCO International to Malaysia’s upstream oil & gas industry and as a new player in Malaysia, they bring their experiences of operating gas fields in other parts of this region, including the technological development of Carbon Capture and Storage
  • This award further reinforces Malaysia’s attractiveness as a destination for companies seeking to grow their energy portfolio and thrive in energy transition
  • Under our right asset, right player strategy, supported by a progressive fiscal regime, we hope to fully maximise the long-term value of the hydrocarbon resources in Malaysia, especially in Peninsular Malaysia where the demand is expected to increase
Posco has rights to explore the gas field for 4 years, as well as develop and produce the natural resources for 24 years.
Posco is the operator with 80 % participating interest while Petronas Carigali holds the remaining 20%.

It is Posco's 1st natural resource exploration deal in Malaysia, marking an expansion into other Southeast Asian markets besides its existing business in Myanmar.

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