PETRONAS Signed PSC with Vestigo Petroleum for Gas Cluster

SEATTLE (Oil Monster): PETRONAS announced that it has signed a Small Field Asset (SFA) Production Sharing Contract (PSC) with Vestigo Petroleum Sdn Bhd for a Discovered Resource Opportunity (DRO) cluster. The contract has been signed through Malaysia Petroleum Management (MPM), which acts on behalf of PETRONAS in the overall management of the country’s petroleum resources.

This denotes the first award of PSCs in Sabah under the Malaysia Bid Round Plus (MBR+) promotion. PETRONAS intends to sign new PSCs with more MBR+ winning bidders, said the company press release.

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The NBE Cluster comprises of Nosong, Bongawan North and Epidot fields. Located off the coast of Sabah, it is a predominantly gas discovery cluster.

The historic event was marked by a signing ceremony, held in Kota Kinabalu in conjunction with the Sabah Oil and Gas Conference and Exhibition. The event was attended among others by Sabah Minister of Finance Datuk Seri Panglima  Masidi Manjun; Datuk Ir. Bacho Pilong, Senior Vice President, MPM and Khairul Azhar Abu Bakar, Chief Executive Officer, Vestigo.

The MBR+ cycle, introduced in October last year, provides additional avenue for investors to acquire and explore DRO as well as Late Life Assets (LLA) available in the country.