Fossil energy – Malaysia
Petronas has awarded two new offshore production sharing contracts to a joint venture that will exploit two of Malaysia ’s small field assets.
The national oil company on 30 August 2021 awarded new Small Field Asset PSCs for the Rhu-Ara and Diwangsa clusters offshore Peninsular Malaysia to Singapore-based Rex International and Malaysia’s DutaMarine.
The award marks Rex’s debut into the South-East Asian nation in partnership with local player Duta Marine. Rex will hold a 95% participating interest in both PSCs with Duta Marine having the remaining 5% stake.
Rhu-Ara and Diwangsa were offered during the Malaysia Bid Round 2020 (MBR 2020) based on the SFA fiscal terms introduced in the same year, which Petronas added intensifies its commitment to monetising small discovered resource opportunities in Malaysian waters.
The Rhu-Ara Cluster, consisting of the Rhu and Ara fields, is located within the Penyu basin 150km off the coast of oil centre Kerteh, Terengganu.
The Diwangsa Cluster, which lies in the northwestern side of the Malay basin, comprises Diwangsa, Bubu, Korbu and Lerek fields.
These previously discovered fields have total estimated recoverable reserves of 12.7 million barrels of oil for the Rhu-Ara Cluster and 10.7 million barrels for the Diwangsa Cluster.
