Acreage changes hands offshore peninsular Malaysia

Petrofac Resources, the investment arm of the Petrofac Group, has acquired Amerada Hess Ltd., the Amerada Hess subsidiary that operates and owns a 40.5% interest in the Cendor field in block PM304 offshore peninsular Malaysia.

Jul 6th, 2004

Petrofac Resources, the investment arm of the Petrofac Group, has acquired Amerada Hess Ltd., the Amerada Hess subsidiary that operates and owns a 40.5% interest in the Cendor field in block PM304 offshore peninsular Malaysia.

The Cendor field is in the northeast corner of block PM304 in about 70 m water depth. The nearest infrastructure includes the Dulang oil field FSO to the north, Resak gas facilities to the northwest, and Tapis oil facilities in the east. Previous production-sharing contractors drilled eight wells on the structure, prior to Amerada Hess' two wells, which yielded oil at commercial rates. Base reserves are 20 MMbbl of oil with significant upside potential.

The field will be developed in two phases with significant operational cooperation between Petrofac and Petronas Carigali, the operating arm of Petronas.

The acquisition gives Petrofac operatorship of the field. Partners include Petronas Carigali with 30% interest, Kuwait Foreign Petroleum Exploration Co. with 25% interest, and PetroVietnam Investment Development Co. with the remaining 4.5%.

First oil from the field is scheduled for late 2006/early 2007.

07/06/04

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