Malaysia’s Petroliam Nasional Bhd. (Petronas) has awarded a late life asset manufacturing sharing contract (LLA PSC) for the Banang area to Petra Power Growth Sdn. Bhd. (PEDSB). A unit of Petra Power Berhad operates the sector with a one hundred pc taking part curiosity.
The PSC has been awarded by means of Malaysia Petroleum Administration, Petronas mentioned in a media launch. MPM manages Malaysia’s petroleum assets on behalf of Petronas all through the lifecycle of upstream oil and fuel property.
Commencing on June 1, 2024, the LLA PSC replaces the technical service settlement (TSA) with PEDSB, Petronas mentioned. The TSA meant that PEDSB managed Banang area manufacturing operations on behalf of Petronas. The settlement had run its course on Might 31, 2024.
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“The award of the Banang LLA PSC signifies a robust partnership with Petra Power Berhad to provide and ship a safe and dependable vitality provide for the nation and our prospects. PETRONAS will proceed to additional its collaboration with native trade gamers in making Malaysia a pretty funding alternative”, Petronas Senior Vice President for MPM Bacho Pilong mentioned.
The Banang area began oil manufacturing in 2014 as a part of the Kapal, Banang and Meranti cluster small area threat service contract. The sector reached its peak manufacturing of 14,000 barrels per day in 2015, Petronas mentioned.
In its assertion PEDSB mentioned the 10-year LLA PSC augments its operatorship portfolio. The corporate can be the operator of Block SK433, onshore Miri Sarawak with Petroleum Sarawak (PETROS), which it received in July 2021.
“This award is a testomony to PETRA’s monitor file and unwavering dedication to maneuver up the worth chain as an operator. With our expertise on the Banang area, we’re well-equipped to make sure operations are carried out safely and effectively”, Anthony Bujang, Govt Director and Group CEO of Petra, mentioned.
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