BUSINESS

PETRONAS AWARDS LLA PSC TO MAXIMISE RECOVERY OF ABU CLUSTER

30/10/2023 01:00 PM

KUALA LUMPUR, Oct 30 (Bernama) -- Petronas has awarded a Late Life Asset (LLA) Production Sharing Contract (PSC) to Ping Petroleum Sdn Bhd in a move to maximise recovery from the Abu Cluster offshore Peninsular Malaysia.

The Abu Cluster is made up of three developed fields, namely Abu, Abu Kecil and Abu SW Upthrown, with remaining reserves of five million stock tank barrels.

“Petronas is looking forward to Ping Petroleum to maximise the recovery from the Abu Field, which registered a peak production of 15,000 barrels per day in 2008.

“Furthermore, with the implementation of enhanced commercial terms for LLA streamlined operational procedures, we are empowering the operator to apply their capabilities to monetise the Abu Kecil and Abu SW Upthrown fields,” said Petronas Malaysia Petroleum Management (MPM) senior vice-president Mohamed Firouz Asnan in a statement today.

He said the latent potential in the Abu Field, plus the upsides in the other two fields are expected to provide equitable returns to both host authority and investor, especially in funding the abandonment requirements of existing facilities.

As the custodian of the national hydrocarbon resources, Petronas, through MPM, manages petroleum arrangements in Malaysia and provides stewardship on upstream petroleum activities.

It aims to unlock the full potential of Malaysia's hydrocarbon resources, maximising the value of its partners and the company, guided by the 'Right Asset, Right Player' strategy and supported by a progressive fiscal framework.

-- BERNAMA

 

 

 


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