Marginal oil fields still viable

Petronas, which awarded contracts to Scomi, will continue to shape the outlook of the oil and gas sector this year.

PETALING JAYA: Scomi Energy Services Bhd is going ahead with the development and production of petroleum from the Ophir field, dispelling earlier perception that marginal oilfield projects are no longer viable under the current low oil price environment.

An industry source said the viability of the Ophir project, located offshore Terengganu, remains intact, thanks to the guidance from Petroliam Nasional Bhd’s (Petronas) wholly-owned subsidiary Vestigo Petroleum Sdn Bhd, which helped keep costs low.