PETRONAS awards late life asset PSC for production continuity of Banang Field
Published by Jack Roscoe,
Editorial Assistant
Oilfield Technology,
PETRONAS, through Malaysia Petroleum Management (MPM) has 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.
PETRONAS, through Malaysia Petroleum Management (MPM) has 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 percent participating interest.
This LLA PSC arrangement, which commences on 1 June 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 31 May 2024.
PETRONAS Senior Vice President of MPM, Datuk Ir. Bacho Pilong said, "The award of the Banang LLA PSC signifies a strong partnership with Petra Energy Berhad to produce and deliver a secure and reliable energy supply for the country and our customers. PETRONAS will continue to further its collaboration with local industry players in making Malaysia an attractive investment choice.”
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 bpd in 2015.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13062024/petronas-awards-late-life-asset-psc-for-production-continuity-of-banang-field/
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