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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Uzma inks contract with Petronas

May 13, 2014

Dateline 2014-04-1, The Star:

 Uzma Bhd confirmed it has entered into a contract with Petroliam Nasional Bhd (Petronas) to carry out the development and production of petroleum from the Tanjung Baram field.

In a note to Bursa Malaysia, the oil & gas company said its wholly-owned subsidiary company, Uzma Energy Venture (Sarawak) Sdn Bhd, and its partner had entered into the contract, clarifying recent news reports that both were the front runners for the risk service contract (RSC) for the Tanjung Baram field in Sarawak, worth an estimated US$100mil to US$200mil (RM330mil to RM660mil).

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