Along with the great hope of unraveling the traces of the Malaysia Airlines Flight 370 is the massive cost that will be split evenly between Malaysia and Australia.

"So it is important here that we would like to thank Australia for leading this search and we have so far committed and spent about A$15 million and we are also going to match the Australians in the tender cost for the search," Malaysian Transport Minister Liow Tiong Lai told a news conference in Canberra.

The newest phase of the search will focus on a 60,000-sq-km patch of sea floor that is estimated to be 1,600 km west of Perth, due to the information that the plane turned south earlier than what was previously reported.

"The search area remains the same but some of the areas, some of the information we now have suggests to us that areas a little further to the south - within the search area but a little further to the south - may be of particular interest and priority in the search area," Australian Deputy Prime Minister Warren Truss told reporters.

The attempted call made to the missing jetliner is now being analyzed for potential clues of its location in the southern area of Indian Ocean.

Australia has recently tapped Dutch oil and gas consulting firm Fugro NV to spearhead the newest effort that will take around a month to a year of completion.

Malaysia Airlines Flight 370 vanished with 239 passengers and crew onboard.

The flight was meant to go to Beijing, China from Kuala Lumpur, Malaysia on March 8, 2014.

A few months later, another Malaysia Airlines became a victim of another tragic event – a ground missile near the border between Ukraine and Russia shot down Flight MH17, killing all 283 passengers and 15 crew members on board.

The incident has prompted 6,000 job cuts and $1.9 billion in restructuring for Malaysia Airlines.