Petra Energy secures extension for offshore asset
Petronas has extended until August 2024 Malaysian contractor Petra Energy’s contract covering production, operations and maintenance services under the Technical Service Agreement for its Banang oilfield offshore Malaysia.
Petra’s main workscope includes the provision of production, storage and offloading facilities; wells and reservoir surveillance; production planning and forecasting; routine operations and maintenance; and logistics.
Financial details of this 22-month extension were not revealed however, when Petra in June 2020 was awarded its initial two-year contract, it was worth about an estimated $40 million, local media reported.
The Banang field, located offshore Terengganu, Peninsular Malaysia, came onstream in July 2014. The marginal field is part of the combined Kapal, Banang and Meranti cluster, where the Kapal field started production late the previous year.
The contract extension is a continuation of the original agreement and "took recognition of the excellent project delivery and execution by Petra whilst prioritising health, safety and environment and facilities uptime", the contractor said.
It added that acceptance of the contract extension is “in line with the group's transformation journey, launched in 2019, with a vision of moving up the value chain to become an upstream operator”.
