Petronas signs PSC with Vestigo Petroleum for gas cluster

Malaysian state-backed Petronas, through Malaysia Petroleum Management (MPM), has signed a small field asset (SFA) production sharing contract (PSC) with Vestigo Petroleum for a discovered resource opportunity (DRO) cluster, marketed under the Malaysia Bid Round Plus (MBR+), the company announced on June 27.

Situated off the coast of Sabah, the NBE cluster, which consists of the Nosong, Bongawan North, and Epidot fields, is predominantly a gas discovery cluster. In the coming weeks, Petronas will be signing new PSCs with more MBR+ winning bidders, it said.

MPM acts on behalf of Petronas in the overall management of Malaysia’s petroleum resources throughout the lifecycle of upstream oil and gas assets.