The deal was finalized following government approval for PetroVietnam to invest $6.8 million in the joint venture exploring oil and gas potentials in Block SK305 offshore Sarawak, East Malaysia. Located in a water depth of 150m the block covers about 15,164sq.km.
The joint venture, which was set up in June this year, will gather funds from the three countries for joint studies and drilling in each country.
According to the three parties' agreement, Petronas will have a 40% stake in the Sarawak operation, while PetroVietnam and Pertamina will each have a 30% stake.
The venture will drill around four wells and acquire and process new 2D and 3D seismic data on the block, he said. Royal Dutch/Shell Group (RD) previously had a contract to explore the block, but relinquished it in 1999.
