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%.

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SapuraKencana’s gas venture gets off the ground

December 27, 2015

Dateline 2015-11-25 , The Edge:

LAST Wednesday, oil and gas outfit SapuraKencana Petroleum Bhd announced that it had received the green light from Petroliam Nasional Bhd (Petronas) for a field development plan (FDP) for the SK310 B15 gas project off Sarawak.

Shahril: We will have clear visibility of the cash flow once the development of these discoveries commences

The announcement, however, did not have the expected impact on the stock, which shed seven sen to close at RM2.19 last Thursday.

Naturally, SapuraKencana will not see any contribution from the development of the gas field in the near term, but it is likely to become a fresh recurring income source for the group in two years.

The share price had in fact rebounded from a historical low of RM1.47 recorded on Aug 25, gaining more than 50% — that is  until last Thursday — possibly buoyed by the impending news of the FDP.

President and CEO Tan Sri Shahril Shamsuddin tells The Edge: “This is a significant milestone as we will begin the monetisation of the seven gas discoveries we have to date off Sarawak. First gas is expected to flow in the final quarter of 2017 and we will see healthy cash contributions over the life of this development.

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