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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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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.