This Is Only The 3rd Oil Project Of Its Kind, Ever

December 5, 2014

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.

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Petronas begins oil production in Banang field

November 23, 2014

Dateline 2014-09-05, Asia One Business:

Petroliam Nasional Bhd (Petronas) has commenced oil production from the Banang field – part of the Kapal, Banang and Meranti (KBM) cluster of marginal fields awarded to a consortium of Coastal Energy Co and Petra Energy Bhd – on July 15, three months ahead of schedule.

The national oil company said in a statement yesterday that Banang was the second field under the KBM risk service contract (RSC) to have achieved first oil after the Kapal field came onstream in December last year.

This makes the KBM cluster, located offshore Peninsular Malaysia, the third RSC to successfully reach oil production after the Balai cluster and Berantai field, Petronas said

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Malaysia’s Petronas announces first oil from KBM offshore cluster fields

February 25, 2014

Platts, dateline 2014-01-13:

First production from the offshore Kapal, Banang and Meranti Cluster fields offshore peninsular Malaysia began under a Risk Service Contract on December 16, Malaysia’s state-owned Petronas said Monday.

The initial production rate from the cluster averaged more than 10,000 b/d, with peak production of 13,000 b/d, Petronas said.

KBM, which is being developed by Coastal Energy of Houston in an RSC with Malaysian oil services company Petra Energy, is the third RSC to be successfully brought into production following the Balai Cluster and the Berentai fields, Petronas said.

KBM, which started development in mid-2012, is an eight-year development project, Petronas said.

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