Transaction News: Skrine advised on Longboat Energy PLC’s entry into the Malaysian E&P sector with the signing Production Sharing Contract with PETRONAS for Block 2A offshore Malaysia
23 February 2023
We are pleased to share that Skrine acted for Longboat Energy PLC in respect of its entry into a Production Sharing Contract (“PSC”) with PETRONAS and PETRONAS Carigali in respect of Block 2A, Offshore Sarawak Malaysia.
Longboat Energy (2A) Limited, a wholly owned subsidiary of Longboat Energy PLC (a London-based SEA-focused exploration and production company), entered into a Production Sharing Contract (“PSC”) with PETRONAS alongside PSC partners PETRONAS Carigali Sdn. Bhd., Petroleum Sarawak Exploration & Production Sdn. Bhd. and Topaz Number One Limited in respect of Block 2A, Offshore Sarawak Malaysia. Longboat Energy will become the operator with a 36.75% participating interest in the PSC.
This transaction marks Longboat Energy’s entry into Malaysian upstream oil & gas sector. Block 2A is offshore Sarawak, north-west of the prolific Central Luconia hydrocarbon province, outboard of recent gas discoveries which has material gas resource potential. The Block covers approx. 12,000 km2 and is located in water depths of between 100-1,400 metres.
The Skrine deal team was led by Skrine’s Oil & Gas practice head, Fariz Abdul Aziz who was supported by Senior Associate, Tan Wei Xian and Associate, Samson Kong.
Media coverage of the transaction can be accessed at:
https://polaris.brighterir.com/public/longboat_energy/news/rns/story/x4glekx
https://www.petronas.com/media/media-releases/malaysia-bid-round-2023-proves-malaysia-promising-ep-investment-destination
https://www.morningstar.co.uk/uk/news/AN_1676480714449199300/longboat-energy-wins-production-sharing-contract-for-malaysian-block.aspx
This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact skrine@skrine.com.