Petronas awarded a production sharing contract (PSC) to Vestigo Petroleum Sdn. Bhd. for the South East Collins cluster under the newly introduced small field asset (SFA) PSC terms. The new SFA PSC is aimed at monetizing an inventory of small, discovered resource opportunities available in Malaysian waters, Petronas said Apr. 21.
The South East Collins cluster, in 42-45 of water 70 km northeast of Labuan Island off the coast of Sabah, comprises two fields, South East Collins and Lokan, which were discovered in the 1980s. Combined estimated recoverable reserves are 10 million bbl.
Vestigo, a subsidiary of Petrnoas Carigali Sdn. Bhd, operates the Irong cluster PSC, SK315 PSC, PM335 PSC, and the Tembikai Chenang small field risk sharing contract. It also holds non-operating interests in PM9 PSC and SK407 PSC.