PETROLIAM Nasional Bhd (Petronas) said it will be exploring for hydrocarbon with three partners in the joint petroleum development area between Timor Leste and Australia.
Petronas holds half of the production sharing contract while the remaining is shared between Korea Gas (30 per cent), Samsung (10 per cent) and LG International (10 per cent), it said in a statement yesterday.
The minimum investment for the exploration activities is US$40.5 million (RM147.42 million).
The deal marks Petronas' entry into the Timor Leste/Australia's upstream sector.
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