Petronas Awards South East Collins Cluster PSC to Vestigo

Source: www.gulfoilandgas.com 4/21/2021, Location: Asia

PETRONAS has awarded the Production Sharing Contract (PSC) for the South East Collins Cluster under the newly introduced Small Field Asset (SFA) PSC terms, to Vestigo Petroleum Sdn. Bhd. (Vestigo).

The South East Collins Cluster, located in water depths of 42 to 45 metres 70km north east of Labuan Island, comprises two fields namely South East Collins and Lokan which were discovered in the 1980s. With combined estimated recoverables of 10MMstb, the South East Collins Cluster is now primed for development under the new SFA PSC terms.

The PSC was signed today where PETRONAS and Vestigo were respectively represented by PETRONAS Senior Vice President of Malaysia Petroleum Management, Mohamed Firouz Asnan and Chief Executive Officer of Vestigo, Hazanie Jamian.

Mohamed Firouz said: “The award of the cluster of fields under the much-anticipated new fiscal terms is expected to spur the development and production of more small fields in the future. The new SFA PSC is aimed at monetising an inventory of small discovered resource opportunities available in Malaysian waters. Vestigo was chosen based on its track record as a low-cost operator in developing and operating small fields.

“We welcome operators who are specialised in the development of small fields to extend their capabilities here in Malaysia. For many of these fields to work, we need operators with the right mindset and business model to take advantage of the customised fiscal and non-fiscal terms offered by PETRONAS. Under the current volatile oil prices, these operators must also employ innovative solutions to ensure the lowest total life cycle cost,” he added.

Vestigo, a subsidiary of PETRONAS Carigali Sdn Bhd, currently operates the Irong Cluster PSC, SK315 PSC, PM335 PSC and the Tembikai Chenang Small Field Risk Sharing Contract. In addition, it also holds non-operating interests in PM9 PSC and SK407 PSC.


Australia >>  7/4/2022 - Jadestone Energy plc, an independent oil and gas production company focused on the Asia-Pacific region, provides the following update on operations at...
United Kingdom >>  7/4/2022 - IOG plc, the Net Zero UK gas and infrastructure operator focused on high return projects, has released an updated Investor Presentation incorporating ...

Kuwait >>  6/30/2022 - Dr. Muhammad Abdul Latif Al-Fares, His Excellency the Deputy Prime Minister, Minister of Oil, and Minister of State for Council Affairs, led the State...
Kuwait >>  6/30/2022 - Today, Thursday, the members of the (OPEC +) coalition decided to increase output by 648,000 barrels per day in August. Following the 30th ministerial...

Norway >>  6/30/2022 - The authorities have granted consent to start production from the Nova field in the North Sea. Nova will be developed with two seabed templates, one f...
United Kingdom >>  6/30/2022 - Serica Energy plc, announces that at the Annual General Meeting today, presentations will be made by both the Chairman, Tony Craven Walker, and the Ch...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.