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JX Nippon Oil & Gas Enters 7th Production Sharing Contract in Malaysia

Tokyo, Dec 12, 2013 (JCN) - JX Nippon Oil & Gas Exploration Corp subsidiary JX Nippon Oil & Gas Exploration (Offshore Malaysia) Sdn. Bhd. has entered into a Production Sharing Contract (PSC) for Deepwater Block 3F, Sarawak with PETROLIAM NASIONAL BERHAD (PETRONAS), the national oil company of Malaysia, effective from December 11, 2013.

Deepwater Block 3F is located in the northwest of Sarawak, with approximately 4,200 square kilometers surface area and 150-1,300 meters water depth and is a prospective block for oil discovery. JX Nippon Oil & Gas Exploration (Offshore Malaysia) Sdn. Bhd. holds 40% Participating Interest and will participate in the exploration activity as a non-operator. GDF Suez E&P Malaysia B.V. holds 20%.

Deepwater Block 3F is JX Nippon Oil's 7th project in Malaysia. The company is operator for Block SK10, offshore Sarawak where it is involved in gas production and is currently studying further development of the block. It is also the operator and carrying out exploration activities in Block SK333 onshore Sarawak, Deepwater Block R offshore Sabah and Deepwater Block 2F offshore Sarawak.

In addition, it is participating as a non-operator in gas production activities in Block SK8 and in exploration activities in Block PM308A offshore Peninsular Malaysia.

JX Nippon Oil & Gas considers Malaysia to be one of the important core countries for its business and will make further endeavours to increase its activities and presence in Malaysia.

By Jun Ota Staff Writer

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