Posco awarded block in Malaysia bid round
Malaysia Onboard the Maersk Developer, operating the Hadrian-5 well for ExxonMobil about 200 miles offshore in the KC-919 field in the Gulf of Mexico, on July 6, 2011. © 2011 Robert Seale
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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