Dateline 2014-09-25, Oilprice.com:
The petroleum world witnessed a historic event this week. With a new type of oil production project becoming operational for just the third time in history.
That’s a type of operation known as a “risk service contract” or RSC. Which is becoming a go-to vehicle in Malaysia, for the development of that country’s offshore regime.
This month Malaysia’s state oil firm Petronas said that the Banang offshore oil field has gone to production under a risk service contract. Part of a larger field development known simply as the “KBM” cluster. A project that was being advanced by U.S. outfit Coastal Energy, which was purchased last year by the government of Abu Dhabi.