UPDATE 1-Malaysia's Petronas awards 3 exploration blocks
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KUALA LUMPUR, April 7 (Reuters) - Malaysian state oil firm Petronas [PETR.UL] has awarded three offshore exploration blocks to companies led by Swedish oil and gas firm Lundin Petroleum AB (LUPE.ST), Petronas said on Monday.
Petronas said the production-sharing contractors would need to spend at least $157 million on the blocks, two of which are in peninsular Malaysia and the other in Sabah on Borneo island.
The firms will acquire and process a total of 1,250 line km of 2D seismic data and drill eight wildcat wells, Petronas said in a statement.
One of the blocks, Block PM308A, has been awarded to Lundin Malaysia. Lundin will have a 35 percent stake in the block and will operate it, Petronas said.
It said the block has one oil discovery as a result of previous exploration campaigns.
Petronas Carigali, the exploration arm of Petronas, will hold a 25 percent stake in the block, while Nippon Oil Exploration (Peninsula Malaysia) Ltd and Japan Energy Malaysia E&P Co Ltd will each hold a 20 percent stake.
Lundin will hold a 75 percent stake each in the other two blocks, Block PM308B and SB303, while Petronas Carigali the remaining 25 percent. Lundin will operate both blocks. Block SB303, previously operated by Shell (RDSa.L), has one undeveloped gas discovery and has been identified to contain a number of leads and prospects with potential for both oil and gas, Petronas said. (Reporting by Niluksi Koswanage and Jalil Hamid; Editing by Jan Dahinten)
