Posco awarded block in Malaysia bid round

Malaysia

KUALA LUMPUR, August 11, 2021 – Posco International has been awarded the right to explore and operate the PM 524 block offshore Malaysia, the Korean trading company announced on Tuesday.

Posco will have an 80% participation interest, while Petronas Carigali will retain the remaining shares.

Under the contract, the pair will explore the block for four years. Previous 2D and 3D exploration work has been done on the field.

The shallow-water block is around 4,740 square kilometres and contains two fields, the Laba and Laba Barat.

The block was offered in the Malaysia Bid Round 2020.

The acquisition cost was not announced.

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