Offshore staff
SINGAPORE – Jadestone Energy has agreed to acquire various field interests offshore Peninsular Malaysia from SapuraOMV Upstream for $9 million.
The transaction would give Jadestone a 70% operated interest in the PM329 PSC, containing the East Piatu field, and a 60% operated stake in the PM323 PSC, containing the East Belumut, West Belumut, and Chermingat fields.
Combined net production is 6,000 boe/d, and the associated reserves (net to Jadestone) are 12.5 MMboe, including estimates based on further development activities.
All the fields are in production and have been developed via fixed wellhead and central processing platforms that deliver oil to the onshore Terengganu Crude Oil Terminal.
Jadestone would also gain a 50% share of the PM318 and AAKBNLP PSCs, both operated by Petronas.
The company sees opportunities for reservoir optimization, including gas re-injection, and production enhancement across both operated licenses.
Enhancement would focus initially on restoring idle wells to production. There is also potential for incremental development.
The initial focus will be on infill drilling at the East Belumut field (potentially several campaigns over the next few years). East Belumut has a medium heavy oil, similar to Jadestone’s Stag field offshore Western Australia, with the possibility to increase recovery through tightening of the well pattern.
There are other opportunities in East Piatu and West Belumut.
04/30/2021
