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Sapurakencana & Petronas Reach Agreement for Cessation of Berantai RSC

Source: www.gulfoilandgas.com 7/11/2016, Location: Asia

SapuraKencana Petroleum Berhad would like to announce that its wholly-owned subsidiaries, Sapura Energy Ventures Sdn. Bhd. and Kencana Energy Sdn. Bhd. and their partner, Petrofac Energy Developments Sdn. Bhd., have reached a mutual agreement with Petroliam Nasional Berhad (PETRONAS) for the cessation of the Berantai Risk Service Contract (RSC).

The Berantai RSC was signed on 31 January 2011 with PETRONAS and was the first RSC awarded by PETRONAS. It is for the development and production of petroleum from the Berantai field, located offshore Peninsular Malaysia. Participating interests in the Berantai RSC are held 25% by Sapura Energy Ventures Sdn. Bhd., 25% by Kencana Energy Sdn. Bhd. and 50% by Petrofac Energy Developments Sdn. Bhd.

With the cessation of the RSC, which will be effective on 30 September 2016, PETRONAS will reimburse all outstanding capital and operational expenditures to the Contractors by June 2017. As part of the arrangement, the ownership of Berantai FPSO will be transferred to PETRONAS.

“We continue to support PETRONAS in its efforts to reduce costs and optimise its operations with a view of preserving the long-term value of the project. We would like to thank PETRONAS for giving us the opportunity to demonstrate our capabilities to construct and install an integrated facility for the Berantai field. Together with our partner, we have managed to operate the facilities over the past 4 years safely.“ said Tan Sri Dato’ Seri Shahril Shamsuddin, President and Group Chief Executive Officer of SapuraKencana Petroleum Berhad.

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