PETALING JAYA: Petra Energy Bhd’s subsidiary Petra Energy Development Sdn Bhd (PEDSB) has accepted a letter of award from Petronas for the continuation of production in the Banang Field.
In a filing with Bursa Malaysia, the oil and gas service provider said the technical service agreement is for June 29,2020, to June 28,2022.
Under the terms of the contract, Petra Energy Development will provide services to operate and maintain the Banang Field.
“PEDSB is in an ideal position to undertake the operation and maintenance of the Banang Field after having an exposure to the upstream field development and production via a 30% joint venture in the Kapal Banang Meranti small fields risk service contract.
“The opportunity to operate and maintain Banang Field is a natural progression and an extension of its services within the oil and gas industry, ” said the group.
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