Uzma Berhad reported Tuesday that a joint venture comprising its wholly owned subsidiary Uzma Energy Venture (Sarawak) Sdn Bhd (UEVS) and EQ Petroleum Developments Malaysia Sdn Bhd (EQ) has signed a Small Field Risk Service Contract (SFRSC) with Petroliam Nasional Berhad (Petronas) March 27 to develop and produce hydrocarbon from the Tanjong Bram Field, located offshore Lutong, Sarawak, Malaysia.
Under the SFRSC, the partners will be jointly responsible for development and production of hydrocarbon from the Tanjong Bram Field. They will implement the approved Field Development Plan (FDP), which includes drilling of wells, the installation of platforms, topsides and pipelines, and the tie-in of the new facilities to existing Petronas Carigali infrastructure.
First oil from the SFRSC, estimated to cost $100 million to develop, is scheduled for 2015. EQ will hold 70 percent participating interest in the SFRSC, which will be in force for 9 years, while UEVS will have the remaining 30 percent. EnQuest will be the Operator of the Tanjong Baram project.
"This SFRSC marks a new milestone and a new beginning in the Uzma’s service offerings in the upstream segment. It furthers augments Uzma’s three core capabilities, namely Geoscience & Petroleum Engineering, Drilling and Well services and Projects Oilfield and Operations services," Uzma said in an announcement on local stock exchange Bursa Malaysia Tuesday.
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