Ping enters late life PSC with Petronas for Abu Cluster fields offshore Malaysia

Oct. 31, 2023
Petronas has signed a late life asset production sharing contract with Ping Petroleum for the Abu Cluster offshore Peninsular Malaysia.

Offshore staff

KUALA LUMPUR, Malaysia  Petronas has signed a late life asset (LLA) production sharing contract (PSC) with Ping Petroleum for the Abu Cluster offshore Peninsular Malaysia.

It comprises the three developed fields Abu, Abu Kecil and Abu SW Upthrown, with remaining reserves of 5 MM stock tank barrels.

Senior vice president of Malaysia Petroleum Management (MPM) Mohamed Firouz Asnan, signing on behalf of Petronas, said the company would work with Ping to maximize recovery from the Abu Field, which delivered peak production of 15,000 bbl/d in 2008.

He added, “With the implementation of enhanced commercial terms for LLA streamlined operational procedures, we are empowering the operator to apply their capabilities to monetize the Abu Kecil and Abu SW Upthrown fields.”

As custodian of Malaysia’s hydrocarbon resources, Petronas, via MPM, manages the country’s petroleum arrangements and provides stewardship of upstream petroleum activities.

10.31.2023

Related

Photo 18699486 © Ruzanna Arutyunyan | Dreamstime.com
Sarawak Malaysia
Sarawak Malaysia
Sarawak Malaysia
Sarawak Malaysia
Sarawak Malaysia
Photo 140212691 © Hyotographics | Dreamstime.com
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia

Courtesy SBM Offshore's "Full-year Results 2023" presentation
Courtesy Energean's "January 2024 Trading & Operations Update"
Courtesy BW Energy's "Fourth quarter and full year 2023 Presentation"