Petronas Awards New Production Sharing Contract to Talisman Malaysia
OREANDA-NEWS. May 30, 2012. PETRONAS has signed a new Production Sharing Contract (PSC) with Talisman Malaysia Ltd and PETRONAS Carigali Sdn Bhd for the continuing production, further development and improved recovery of crude oil from the Kinabalu Fields, a number of fields with matured reservoirs located offshore Sabah,
The PSC is the first awarded under the new, innovative Progressive Volume-Based (PVB) fiscal terms designed by PETRONAS to offer value-added incentives for the development and production of matured oil fields in
Under the terms of the PSC, both Talisman Malaysia and PETRONAS Carigali are committed to investing over USD 1 billion towards various activities in the contract area, including achieving early production gains, improving operational efficiency and addressing subsurface issues. Additionally, the two partners are also to focus on field redevelopment efforts with a view to realising improved oil recovery potential as well as committing to an enhanced oil recovery pilot initiative.
Talisman
The PSC was signed on 23 May in
“With the new PVB fiscal terms, we expect to see the PSC contractors to aggressively enhance their efforts and commitments in revitalising and maximising potential from the Kinabalu Oil Fields,” said Encik Ramlan.
“PETRONAS recognises the need to continuously explore for innovative ways to unlock hydrocarbon resource potentialin matured fields.Concerted efforts to further develop these more challenging fields are necessary so that Malaysia will not only able to sustain but also increase oil production in the face of dwindling reserves.
“It is our hope to continue working together with ourcontractors and partners to overcome
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