Uzma Unfazed by Concerns Over Berantai, Balai RSC Cessations in Malaysia

September 10, 2016

Tg. Baram acreage may be returned?

Dateline 2016-08-08, Rigzone:

Malaysia’s upstream oil and gas services company Uzma Berhad, holder of a minority stake in the Tanjung Baram oil field in Block SK307 offshore Sarawak, is unfazed by talks that the risk service contract (RSC) for the acreage might be cancelled amid cost rationalization initiative undertaken by the country’s national oil firm Petroliam Nasional Berhad (PETRONAS), local media The Star reported Saturday.

Such views were triggered recently after PETRONAS reached an agreement last month with the joint venture comprising Petrofac Energy Developments Sdn Bhd and SapuraKencana Petroleum Berhad’s subsidiaries for the cessation of the Berantai RSC located in Block PM309 offshore Terengganu, Malaysia.

“The RSC’s cessation will allow PETRONAS to minimize the project’s long-term value erosion and optimize the development and production activities in Malaysia, in line with its efforts to reduce costs and increase the efficiency of its operations,” the Malaysian state-owned firm said in the July 11 press release.

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PETRONAS Appoints Vestigo Operator of Malaysia’s Berantai RSC

August 25, 2016

Again, this is old news for those who are in the business. I didn’t even know there was a bidding exercise, if not I would have put in a bid.

Dateline 2016-07-21, Rigzone:

Malaysia’s national oil company Petroliam Nasional Berhad (PETRONAS) appointed Wednesday its wholly-owned subsidiary Vestigo Petroleum Sdn Bhd as operator of the Berantai field in Block PM 309, located about 93 miles (150 kilometers) offshore Terangganu, Malaysia, following the cessation of the Berantai Risk Service Contract (RSC) with the previous contractors announced July 11.

“The appointment of Vestigo is in line with PETRONAS’ effort to extend the economic life of the field and maximize the long term value of the asset,” the company said in a press release.

Vestigo specializes in the development and production of small and marginal fields and currently operates the Tembikai field under the Tembikai-Chenang Cluster Small Field RSC since June 2015.

The Bertantai field comprises a wellhead platform connected to a floating production storage and offloading (FPSO) vessel, which processes and exports gas to the neighboring Angsi field via a 18.6 mile (30 kilometer) subsea pipeline before being exported onshore. First gas from Berantai commenced in October 2012.

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