Petronas kickstarts new PSC terms for small field development in Malaysia - News for the Oil and Gas Sector energyvoice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energyvoice.com Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR: Petroliam Nasional Bhd (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.
Wednesday, 21 Apr 2021 04:58 PM MYT
A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur, February 10, 2016. Reuters pic
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KUALA LUMPUR, April 21 Petroliam Nasional Bhd (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.
The South East Collins Cluster, located in water depths of 42 to 45 metres 70 kilometres north east of Labuan Island, comprises two fields, namely South East Collins and Lokan which were discovered in the 1980s, Petronas said in a statement today.
April 21, 2021 Credit: Wanfahmy/AdobeStock
Malaysia s 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.
The South East Collins Cluster, located in water depths of 42 to 45 meters 70km northeast of Labuan Island, comprises two fields, South East Collins and Lokan which were discovered in the 1980s. With a combined estimated recoverable of 10MMstb, the South East Collins Cluster is now primed for development under the new SFA PSC terms, Petronas said.
Petronas Senior Vice President of Malaysia Petroleum 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 monetizing an inventory of small discovered resource opportunities available in Malaysian waters. Vestig