Offshore staff
KUALA LUMPUR, Malaysia – Petronas has awarded Vestigo Petroleum a production sharing contract (PSC) for the shallow-water South East Collins Cluster, under Malaysia’s new Small Field Asset terms.
The cluster, in water depths of 42-45 m (138-147 ft), 70 km (43 mi) northeast of Labuan Island, comprises the South East Collins and Lokan fields discovered in the 1980s, with combined recoverable reserves estimated at 10 MMstb.
Petronas’ svp of Malaysia Petroleum Management, Mohamed Firouz Asnan, said: “The award of the cluster of fields under the much-anticipated new fiscal terms is expected to spur the development and production of more small fields in the future…
“Vestigo was chosen based on its track record as a low-cost operator in developing and operating small fields…For many of these fields to work, we need operators with the right mindset and business model to take advantage of the customized fiscal and non-fiscal terms offered by Petronas.
“Under the current volatile oil prices, these operators must also employ innovative solutions to ensure the lowest total life cycle cost.”
Vestigo, which is a subsidiary of Petronas Carigali, currently operates the Irong Cluster PSC, SK315 PSC, PM335 PSC and the Tembikai Chenang Small Field Risk Sharing Contract. It also holds non-operating interests in the PM9 and SK407 PSCs.
04/26/2021
