PBJV Inks Services Deal for Lundin's Offshore Oil, Gas Fields in Malaysia

PBJV Group Sdn Bhd (PBJV) has entered into a contract with Sweden's Lundin Petroleum subsidiary Lundin Malaysia B.V. to provide hook-up, commissioning and topside major maintenance services for the latter's offshore oil and gas fields in Malaysia, parent firm Barakah Offshore Petroleum Berhad said in an announcement on local stock exchange Bursa Malaysia Wednesday.

The value of the Contract is dependent on the work order to be issued by Lundin for the duration of the agreement, which will run from Aug. 14 to Feb. 4, 2016.

Lundin's assets offshore Malaysia consist of five gas discoveries and four oil discoveries, estimated to hold 13.7 million barrels of oil equivalent (MMboe) in net 2P reserves and 82 MMboe of net best estimate contingent resources as at end 2013. Lundin has approximately 13,513 square miles (35,000 square kilometers) of exploration acreage offshore Malaysia and operates in two core areas -- offshore peninsular Malaysia and offshore Sabah, east Malaysia.

The Swedish firm is now developing the Bertam oil field in PM307 offshore Pahang after receiving approval from Malaysian national oil company Petroliam Nasional Berhad (Petronas) in October 2013. Development cost of Bertam project, excluding any FPSO related costs, is estimated at approximately $400 million. First oil from Bertam is scheduled for 2Q 2015.

Lundin is also looking into the option of a gas cluster development for three gas discoveries -- Tarap, Cempulut and Berangan -- offshore Sabah in addition to an existing discovery called Titik-Terang.

PBJV provides pipeline services; offshore transportation and installation; topside major maintenance and hook-up commissioning; EPCC (engineering, procurement, construction and commissioning) onshore pipeline & construction;  underwater services; and ship management and chartering.



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