Singapore's Jadestone new upstream investor in Malaysia

Petronas is also pursuing to unlock the full potential of Malaysia’s hydrocarbon resources.

KUALA LUMPUR: Singapore-based Jadestone Energy plc is the latest upstream investor in Malaysia after its subsidiary acquired SapuraOMV Upstream (PM) Inc, says Petroliam Nasional Bhd (Petronas).

Petronas said Jadestone Energy Holdings Ltd had acquired the stake in SapuraOMV PM, a subsidiary of SapuraOMV Upstream Sdn Bhd (SapuraOMV), which has participating interests in producing assets located offshore Peninsular Malaysia.

It said the assets are the AAKBNLP, PM318, PM323 and PM329 production sharing contracts (PSC). The company is the operator of PM323 and PM329 PSCs.

Jadestone is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and has operatorship experience in oil and gas fields across the Asia-Pacific region.

Petronas senior vice president of Malaysia Petroleum Management, Mohamed Firouz Asnan, in welcoming Jadestone’s debut in Malaysia’s upstream sector, said:

“This is a testament that the country remains attractive with diverse investment opportunities available to suit different investors’ appetite and capabilities.

“Having the right asset placed in the hands of the right player unlocks its full potential, thus maximising returns for both our upstream investors and Petronas as the custodian of hydrocarbon resources in Malaysia.”

Firouz said Petronas believes Jadestone’s experience and skills in extending asset life, combined with its focus on enhancing production and cost optimisation, will improve margins whilst prolonging the economic life of offshore fields, contributing to the overall sustainability of the oil and gas production for the country.

SapuraOMV and Jadestone had earlier entered into a conditional sale and purchase agreement on April 30, 2021. The conditions include, among others, the regulatory approval from Petronas which was granted on July 15. The acquisition was completed on Sunday.

Meanwhile, Petronas is also pursuing to unlock the full potential of Malaysia’s hydrocarbon resources.

It is currently hosting the Malaysia Bid Round (MBR) 2021 themed “Grow Your Energy Portfolio With Us”.

MBR 2021 offers 13 new opportunities in Malaysia’s prolific basins, accompanied by enhanced fiscal and non-fiscal terms in the PSC such as enhanced profitability for the shallow water blocks, the late life assets and small field assets, which are designed to match the risk and rewards of the investments with the type of assets available.

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