Ping Petroleum Sdn. Bhd. (PPSB) subsidiary Dagang NeXchange Berhad signed a late life asset production sharing contract (PSC) with Petroliam Nasional Berhad (Petronas) for the Abu Cluster offshore Peninsular Malaysia.
The cluster is comprised of three developed fields—Abu, Abu Kecil, and Abu SW Upthrown—with remaining reserves of five million stock tank bbl.
The 10-year PSC grants PPSB the right to develop and produce the petroleum and gas resources from the fields within the cluster, which lies about 250 km from the east coast of Peninsular Malaysia.
Early this year, PPSB signed two PSCs with Petronas for discovered oil and gas resources in Malaysia (OGJ Online, Jan. 19. 2023).