Petronas launches new PSC terms for small field development
Its own subsidiary Vestigo awarded new PSC to develop two small offshore oilfields
22 April 2021 0:29 GMT
Updated
22 April 2021 0:29 GMT
Malaysian marginal fields specialist Vestigo Petroleum has been awarded a new production sharing contract for the development of two small offshore oilfields with combined estimated recoverable reserves of 10 million barrels of oil.
The South East Collins Cluster, located in water depths of 42 metres to 45 metres 70 kilometres north-east of Labuan Island, comprises two fields - South East Collins and Lokan - discovered in the 1980s.
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