Petronas, Dialog abort RM3.5bil Sarawak offshore projec

Ah, now I know one reason Dialog Offshore Engineering shut down.

Dateline 2016-02-04, The Star:

Petroliam Nasional Bhd (Petronas), Dialog Group Bhd and Australia-based petroleum company Roc Oil Co Ltd have aborted a proposed project estimated to cost more than RM3bil to develop and produce petroleum off Bintulu, Sarawak.

In a filing with Bursa Malaysia, Dialog said the small field risk service contract to develop the Balai cluster fields was terminated due to the difficult business environment and persistently depressed oil price.

The oil and gas-based technical services provider said BC Petroleum Sdn Bhd — which is 32% owned by its unit Dialog D&P Sdn Bhd, 48% by Roc Oil Malaysia (Holdings) Sdn Bhd and 20% by Petronas Carigali Sdn Bhd — had ceased operation and had on Wednesday signed a termination by mutual agreement with Petronas.


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