Petra Energy accepts LOA from Petronas for Banang Field production

KUALA LUMPUR, June 16 -- Petra Energy Bhd’s (PEB) wholly-owned subsidiary Petra Energy Development Sdn Bhd (PEDSB) had accepted a Letter of Award from Petroliam Nasional Bhd (Petronas) on June 4, 2020 for the continuation of Banang Field production.

Under the Technical Service Agreement (contract), PEDSB on behalf of the national oil company will provide services to operate and maintain the Banang Field from June 29, 2020 for a period of two years until June 28, 2022.

The group said PEDSB is in an ideal position to undertake the operation and maintenance of the Banang Field after having an exposure to the upstream field development and production via a 30 per cent joint venture in the Kapal Banang Meranti Small Fields Risk Service Contract.

“The opportunity to operate and maintain Banang Field is a natural progression and an extension of its services within the oil and gas industry.

“In addition, the group has the right capabilities and asset such as the Mobile Offshore Production Unit (MOPU) to undertake the scope of works under the terms of the contract,” it said in a filing to Bursa Malaysia today.

It added the contract will not have any effect on the share capital and substantial shareholders’ shareholdings of the group and is expected to contribute positively to the earnings and net assets per share of PEB for the duration of the contract.



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