Vestigo inks PETRONAS deal in Sabah

PETALING JAYA: Petroliam Nasional Bhd (PETRONAS) has inked a small field asset production-sharing contract (PSC) with Vestigo Petroleum Sdn Bhd for a discovered resource opportunity cluster in Sabah.

Situated off the coast of Sabah, the cluster, predominantly a gas discovery cluster, consists of Nosong, Bongawan North and Epidot fields or the NBE cluster.

In a statement, PETRONAS said that this award, under the Malaysia Bid Round Plus (MBR+), marks the inaugural award of PSCs in Sabah.

The deal was signed in conjunction with the Sabah Oil and Gas Conference and Exhibition and signified a successful outcome of the MBR+ cycle which was introduced last October. — Bernama