Upstream independent forms Malaysian JV

Upland Resources is seeking opportunities near Brunei

London-listed independent Upland Resources and Malaysian consultancy Big Oil Ventures have agreed terms to form a new joint venture, called Upland Big Oil, to develop upstream assets in Sarawak, Malaysia. The companies will fund a joint technical study to examine and “de-risk” block SK334. An agreement to carry out the survey is already in place with Petroleum Sarawak, the provincial oil company owned by the Sarawak state government. The studies are due to be complete by the end of 2023. The SK334 block is located onshore in northern Sarawak and borders producing oilfields in Brunei. “Oil production in this sedimentary basin has occurred for many decades,” notes Upland, citing Brunei's Seria

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