It said in Wednesday statement that the contracts were from Petronas Carigali for the provision of plug and abandonment integrated services for the M3 oilfield and PTTEP Group for the provision of Gastec nitrogen generator maintenance services and spare parts.
The contract durations were for the periods of Oct 14, 2021, to Dec 31, 2022, and July 2, 2021 to July 1, 2023, respectively.
According to the statement, the M3 Award was awarded to Tanjung Offshore Services Sdn Bhd under the Pan Malaysia Umbrella Contract for the provision of integrated well services for intervention, workover and abandonment for Petronas and Petroleum Arrangement Contractors on Sept 20, 2019.
Under the Pan Malaysia Umbrella Contract, Tanjung Offshore Services will participate in integrated well services works for workover and well abandonment in Malaysia.
T7 Global chairman Datuk Seri Nik Norzrul Thani N Hassan Thani said integrated well services, which cover workover of producing wells and abandonment of old wells, will form part of T7’s long-term energy solutions.
"We are optimistic of the local oil and gas industry’s outlook with Petronas maximising its oil production in the short term and expects 500 wells to be permanently plugged by 2030.
In the coming year, we aim to ride on our previous success to secure the next integrated well services job under the Pan Malaysia Umbrella Contract premised on our innovative well solutions and good project execution track record,” he said.
The awards are not expected to have any material effect on the total issued share capital of T7 Global but are expected to contribute positively towards its earnings and net assets per share for its 2021 to 2023 financial years.