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PTTEP Greenlights SK405B Offshore Oil Project in Malaysia
Kuala Lumpur: PTT Exploration and Production Public Company Limited (PTTEP) has reached the Final Investment Decision (FID) for the Malaysia SK405B Project, marking the company’s first greenfield development project in the country. The move is aimed at strengthening its long-term growth and expanding its presence in Malaysia’s energy sector.
According to PTTEP Chief Executive Officer Montri Rawanchaikul, PTTEP Sarawak Oil Limited, a subsidiary of the company and operator of the SK405B Production Sharing Contract, has approved the development of the Sirung and Chenda fields located offshore Malaysia. The development plan includes the construction of a central processing platform and a wellhead platform. First oil production from the fields is targeted for 2028, with a combined production capacity of around 15,000 barrels per day.
The project has been designed with a Zero Routine Flaring approach and will use advanced remote-operated offshore operations, supporting PTTEP’s strategy to reduce greenhouse gas emissions while improving operational efficiency.
The Malaysia SK405B Project is operated by PTTEP Sarawak Oil Limited with a 49.5 per cent participating interest. PETRONAS Carigali Sdn. Bhd. holds a 25 per cent stake, while Mitsui Energy Development Co., Ltd. owns the remaining 25.5 per cent.
PTTEP currently has investments in more than 10 projects across Malaysia spanning exploration, development, and production stages.