Sapura Energy finally gets go-ahead for Sarawak gas fields

June 3, 2018

Dateline 2018-04-12, The Edge:

The long-awaited go-ahead for the development of three gas fields off Sarawak provided a huge boost to flagging Sapura Energy Bhd, with its market capitalisation boosted by more than half a billion ringgit as its share price rallied sharply yesterday.

Sapura Energy logged its largest single-day price gain since its listing six years ago to finish a fifth higher to 64.5 sen after it announced it was proceeding with the development of the Gorek, Larak and Bakong gas fields off Sarawak under phase one of the SK408 production sharing contract (PSC).

The PSC follows a final investment decision (FID) made after the fields development plan received Petroliam Nasional Bhd’s approval. Concurrently, the key terms of the gas sales agreement for the gas fields’ development have been agreed upon.

Sapura Energy bags contract from Mudabala Petroleum

May 25, 2018

Dateline 2018-03-21, NST:

Sapura Energy Bhd secured a contract from Mubadala Petroleum to undertake engineering, procurement, construction, installation and commissioning (EPCIC) works for the Pegaga gas development field in Block SK320, offshore Sarawak.

The contract was awarded to its wholly owned subsidiary, Sapura Fabrication Sdn Bhd by Mubadala Petroleum following the Final Investment Decision by Mubadala Petroleum and its partners Petronas Carigali Sdn Bhd (PCSB) and Sarawak Shell Bhd.

“This is our sixth contract win since the beginning of the year. It’s a good start for us. We are proud to be working with a highly respected company such as Mubadala Petroleum and supporting its first development in Malaysia,” said Sapura Energy president and group chief executive officer Tan Sri Shahril Shamsuddin.

Sapura Energy views the increased capital spending by oil and gas firms is an indication that the industry is making a gradual shift towards better times amidst renewed optimism.

Malaysia’s SEEP expects first gas from Sarawak field in Q3 2020

November 26, 2017

Dateline 2017-10-03, Interfax:

(you can find the article via the link).


SapuraEnergy: B15 offshore field on track for first gas in 4Q 2017

August 25, 2017

Dateline 2017-07-27, Upstreamonline:

Malaysia’s Sapura Energy, formerly known as Sapura Kencana, is working towards bringing online its offshore gas field in East Malaysia.

The company on Monday said the SK 310 B15 field development was on track, with first gas expected in the fourth quarter of 2017, in line with its previous statements.

SapuraKencana’s subsidiary, SapuraKencana Energy Sarawak (SKE), is the operator of Block SK310 PSC which was awarded by Petronas on June 17, 2008.

SapuraEnergy is the operator of the SK310 PSC with a 30% participating interest and partners Petronas Carigali with 40% and Diamond Energy Sarawak, a subsidiary of Mitsubishi Corporation with 30%.


Malaysia’s Sapura Energy says interest in upstream projects picking up

June 12, 2017

Dateline 2017-05-08, Reuters:

Sapura Energy Berhad , Malaysia’s largest oil and gas service provider, said it was beginning to see interest building in upstream projects following sharp rollbacks in recent years from lower oil prices.

“Projects that were on hold before are starting to be looked at again (globally),” Sapura Chief Executive Shahril Shamsuddin told Reuters on the sidelines of the Asia Oil & Gas Conference in Kuala Lumpur.

“It’s going to take time for the decisions to come through. It would take about 10-15 months before we could see projects come online again,” he said.

Shahril attributed the increase in interest to the recovery in oil prices and the need to replenish a natural drop in reserves.

Brent crude prices have recovered about 80 percent from 12-year lows hit early in 2016, although they are still at less than half the levels of mid-2014 due to a supply glut, and retreated back below $50 at the end of last week.