PETRONAS has signed a Production Sharing Contract (PSC) with SK earthon and Petroleum Sarawak Exploration & Production (PSEP) for Block SK427 off the coast of Sarawak. SK earthon, a wholly owned subsidiary of South Korea’s SK Innovation Co, is the operator of Block SK427 with 85 percent participating interest while PSEP, the Sarawak-owned oil and gas company, holds the remaining 15 percent.