Ophir Production to Develop Ophir Oil Field Offshore Terengganu, Malaysia

Scomi Energy Services Bhd (SESB or Company) announced Wednesday that Ophir Production Sdn Bhd (OPSB), a joint venture firm -- in which SESB's wholly-owned subsidiary Scomi D & P Sdn Bhd (SDP) has a 30 percent interest -- signed a seven year Small Field Risk Service Contract (SFRSC) with Malaysia's national oil and gas company Petroliam Nasional Berhad (Petronas) June 11 to develop and produce petroleum from the Ophir field, offshore Terengganu, Malaysia.

OPSB will execute the approved Field Development Plan (FDP) with planned development activities, which include the drilling of wells, the installation of a production platform and export and storage of oil via a floating storage facility. The development phase will cost an estimated $135 million, with first oil production expected in 18 months.

Participants in OPSB -- Octanex (50 percent), SDP (30 percent) and Vestigo (20 percent) -- inked a shareholders agreement March 25 for the purposes of carrying out the obligations of the SFRSC and to regulate their respective rights and participation in the firm.

"This SFRSC marks a new milestone and a new beginning in the SESB’s service offerings in the upstream segment, strengthening SESB’s position in the value chain of the oil, gas and petrochemical industry," Scomi said in an anouncement on local stock exchange Bursa Malaysia.


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