By DayakDaily Team
KUCHING, June 12: PETRONAS, through Malaysia Petroleum Management (MPM), has recently awarded a Late Life Asset Production Sharing Contract (LLA PSC) for Banang field, located offshore Peninsular Malaysia to Petra Energy Development Sdn Bhd (PEDSB), a wholly owned subsidiary of Petra Energy Berhad.
PEDSB is the operator of the field with 100 per cent participating interest.
According to a media release, this contract arrangement, which commenced on June 1, 2024, is a new agreement to replace the Technical Service Agreement (TSA) with PEDSB to manage Banang field production operations on behalf of PETRONAS, which ended on May 31, 2024.
PETRONAS senior vice president of MPM, Datuk Ir Bacho Pilong said the award of Banang LLA PSC is a testament to PETRONAS’ commitment on developing experienced local oil and gas players into full-fledged Upstream PSC operators.
“PETRONAS looks forward to continuing its collaboration with industry players in making Malaysia an attractive investment choice,” he affirmed.
The Banang field had achieved its first oil production in 2014 as part of Kapal, Banang and Meranti Cluster Small Field Risk Service Contract and the field had reached its peak production of 14,000 barrels per day in 2015.
As the custodian of the nation’s hydrocarbon resources, MPM provides stewardship on Malaysia’s upstream petroleum activities in meeting the energy demand of PETRONAS’ customers, while taking deliberate efforts towards achieving low-carbon low-emission operations. — DayakDaily
