Offshore staff
SINGAPORE – Rex International Holding and Malaysian partner Duta Marine have signed two production sharing contracts (PSCs) for the Rhu-Ara and Diwangsa Clusters offshore Peninsular Malaysia.
Rhu-Ara contains two oil field discoveries and Diwangsa a further four.
Both clusters were awarded under the Malaysia Bid Round 2020. The new PSC terms under the Small Fields Assets scheme include a pre-development phase of up to two years followed by a two-year development and a 10-year production period.
Rex will operate the two concession with a 95% share, the remaining 5% held by Duta Marine.
Dan Broström, Rex’s executive chairman, said his company “looks forward to working with Petronas to rapidly and cost-effectively develop the resources contained within the clusters….
“We will leverage on our experience [offshore] Oman, where we have proven to be an effective operator, to make these assets a success.”
08/31/2021
