Malaysian national oil company Petronas on Thursday awarded two offshore petroleum exploration areas, or blocks, to a joint-venture led by a unit of France's Total SA.
The financial commitment to the two blocks is expected to be a minimum of $70 million (44.4 million euros), Petronas said in a statement after the signing ceremony here.
Total's subsidiary, Total E&P Malaysia, will hold a 70 percent stake in Blocks PM303 and PM324, located in the central part of the Malay Basin off the east coast of peninsular Malaysia, it said.
Petronas exploration and production arm, Petronas Carigali, will own the remaining 30 percent of the blocks, which are in water depths ranging from 50 to 80 feet, it said.
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