Companies / Australia
Petronas Inks Contract For East Timor Sea Exploration
October 2006 | Contract NewsPetronas the Malaysian oil major has, with junior partners Korea Gas, Samsung and LG International signed a Production Sharing Contract (PSC) with the Timor Sea Designated Authority (TSDA) for offshore exploration between East Timor and Australia. Though the financial commitment is fairly minor at present, the signing marks the first PSC issued by the TSDA in its three year history, suggesting new interest in this area at a time when oil companies are seeking new concessions to build reserves and meet growing global energy
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