KOTA KINABALU: Petronas has inked a small field asset (SFA) production-sharing contract (PSC) with Vestigo Petroleum Sdn Bhd for a Discovered Resource Opportunity (DRO) cluster in Sabah.
Situated off the coast of Sabah, the cluster, predominantly a gas discovery cluster, consists of Nosong, Bongawan North and Epidot fields or NBE cluster.
In a statement today, Petronas said that this award, under the Malaysia Bid Round Plus (MBR+), marks the inaugural award of PSCs in Sabah.
Through its unit, the Malaysia Petroleum Management (MPM), the national oil company signed the contract with Vestigo, a wholly owned subsidiary of Petronas Carigali Sdn Bhd, in conjunction with the Sabah Oil and Gas Conference and Exhibition here today.
Petronas was represented by MPM senior vice-president Datuk Bacho Pilong, while Vestigo was represented by its chief executive officer Khairul Azhar Abu Bakar.
The ceremony was witnessed by Sabah Finance Minister Datuk Seri Masidi Manjun.
"Sabah welcomes capable operators like Vestigo to explore, invest, and develop the state’s oil and gas resources.
"At the same time, we are committed to fostering the growth of local oil and gas services and equipment companies in Sabah and encourage collaborations that increase participation of qualified Sabahan companies in the industry,” Masidi said.
Bacho said the PSC signifies a successful outcome of the MBR+ cycle which was introduced last October.
He said MBR+ provides an additional avenue for investors to explore and acquire DRO and Late Life Assets (LLA) available in Malaysia beyond the annual MBR by utilising and assessing information made available through the Petronas myPROdata.
"We will continue to collaborate with the Sabah state government in steering a vibrant investment climate and ecosystem, which is essential in supporting Sabah local communities and players to further progress in this industry,” said Bacho. - Bernama
