With 22 identifiable marginal oilfields to be developed over the next few years, the next risk service contracts (RSC) will probably be awarded by mid-2012 since potential bidders would have submitted their proposals by the first quarter of the year.
“Petronas is not limiting development plans for the marginal fields. Instead the oil players are free to devise their game plan, subject to Petronas’ approval. They could also participate in fields of their choice as well as with their preferred local working partners,” said HwangDBS Vickers Research Sdn Bhd (HwangDBS Research) in a research note yesterday.
There were many foreign oil companies, which focused largely on marginal oilfields including London-based Petrofac, US-based Newfield Exploration Co, UK-based Salamander Energy Plc, Abu Dhabi’s Mubadala Oil & Gas, Australia’s Roc Oil Co Ltd, French-founded Perenco Group and Swedish Lundin Petroleum AB.