PETRONAS, through Malaysia Petroleum Management (MPM), today signed with Vestigo Petroleum Sdn Bhd (Vestigo) a Small Field Asset (SFA) Production Sharing Agreement (PSA) for a Discovered Resource Opportunity (DRO) cluster, which was marketed under the Malaysia Bid Round Plus (MBR+).
Located off the coast of Sabah, the NBE field, consisting of Nosong, Bongawan North and Epidot, is a predominantly gas-producing field. A comparable field is Samarang, a mature field located 25 km south of Nosong that has demonstrated its production capacity.
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This is the first PSC award in Sabah under the MBR+ promotion. To mark this historic event, a signing ceremony was held in conjunction with the Sabah Oil and Gas Conference and Exhibition, attended by Sabah Finance Minister Datuk Seri Panglima Masidi Manjun. PETRONAS was represented by Datuk Ir. Bacho Pilong, while Vestigo was represented by its CEO Khairul Azhar Abu Bakar.
Datuk Seri Panglima Masidi congratulated Vestigo for receiving the PSC award and looks forward to the development of the NBE Cluster. “We welcome capable operators like Vestigo to explore, invest in and develop Sabah’s oil and gas resources. At the same time, we are committed to fostering the growth of local oil and gas service and equipment companies in Sabah and encouraging collaborations that will increase the participation of qualified Sabah companies in the industry,” he said.
The NBE field, consisting of Nosong, Bongawan North and Epidot, is a predominantly gas field.
Datuk Ir. Bacho Pilong said: “The award of this PSC signifies a successful outcome of the MBR+ cycle that was introduced in October 2023. MBR+ provides an additional avenue for investors to explore and acquire available DROs and Late Life Assets (LLAs) in Malaysia beyond the annual MBR by utilizing and evaluating information available through PETRONAS myPROdata.”
“We continue to collaborate with the Sabah State Government in driving a vibrant investment climate and ecosystem, which is essential in supporting local Sabah communities and players to further advance this industry,” he added. In the coming weeks, PETRONAS will sign new PSCs with more successful MBR+ bidders.
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