PETALING JAYA: Petroliam Nasional Bhd (Petronas), through Malaysia Petroleum Management (MPM), has awarded Petra Energy Development Sdn Bhd (PEDSB) the Late Life Asset Production Sharing Contract (LLA PSC) for the Banang field offshore Peninsular Malaysia, effective June 1.
PEDSB is a subsidiary of Petra Energy Bhd and the operator of the field with a 100% participating interest.
“This LLA PSC arrangement is a new agreement to replace the Technical Service Agreement with PEDSB to manage Banang field production operations on behalf of Petronas, which ended on May 31,” said the national oil and gas company in a statement.
Petronas senior vice-president of MPM Bacho Pilong said the award of Banang LLA PSC is a testament to Petronas’s commitment to developing experienced local oil and gas players into full-fledged upstream PSC operators.
“Petronas looks forward to continuing its collaboration with industry players in making Malaysia an attractive investment choice,” he added.