Petra Perdana ventures into oil field studies


BY SABRY TAHIR

PETRA Perdana Bhd, whose listing was transferred to the KLSE main board yesterday, is venturing into oil field optimisation studies. 

The company's executive chairman and chief executive officer Tengku Datuk Ibrahim Petra said the move was in line with its on-going efforts to become a one-stop integrated service provider to the oil and gas industry. 

He said the company made its debut in this venture by bidding for a Petronas Carigali Sdn Bhd contract lately. The result of the tender is expected to be out by next month 

“The value of each study ranges between RM500,000 and RM2mil over a period of eight months to a year,” he said after the listing transfer ceremony in Kuala Lumpur yesterday. 

Oil field optimisation studies, according to Tengku Ibrahim, are carried out to review oil reserves remaining in a used oilfield to determine whether extraction work should continue or not.  

He said previously, the service was only provided by foreign consultants but Petronas Carigali had recently decided to open the tender to local companies. 

Petra Perdana expects new contracts in the field optimisation studies to help the company maintain a healthy growth rate for the current financial year. 

The company's consolidated nine-month results for the year ended Dec 31, 2002 showed profit after tax of RM10.37mil and Tengku Ibrahim said the company should be able to maintain its performance this year at last year's level. 

“Our outlook (this year) will be maintained. We still got quite a number of contracts and will be dealing with new projects. We will also look at outsourcing opportunities in the local market,” he added. 

He also said Petra Perdana's performance in 2003 would also be attributed to its on-going operations and maintenance projects in South Africa and Sudan.  

The company, one of the few oil and gas engineering firms operating in Sudan, has also received enquiries for similar jobs from Saudi Arabia and the United Arab Emirates. 

Meanwhile, Petra Perdana started its first day on the main board at RM2.20, registering a 9 sen premium over its previously traded price of RM2.11 on the second board. 

The counter closed at RM2.10 with 102 lots changing hands. 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Ringgit opens easier ahead of Opec output cut decision
Bursa Malaysia proves resilience, KLCI up 35pt
Public Mutual declares RM263m in distributions for 11 funds
After hammering by foreign selling, market recoups half of losses
Kenanga reiterates 'outperform' on RHB
Kenanga downgrades AMMB to 'market perform' on high credit cost guidance
Oil palm estate owners want unfair taxes suspended or abolished
Trading ideas: Pharmaniaga, AMMB, RHB Bank, Fitters, Comfort Gloves
Time for final preparations for life outside EU, UK tells firms
Asian markets poised for choppy Tuesday after Wall Street's fall

Stories You'll Enjoy