Dnex sub-unit bags PETRONAS production sharing contract

KUALA LUMPUR: Dagang Nexchange Bhd (Dnex) said Ping Petroleum Sdn Bhd, a unit of its energy fivision, has secured an award from Petroliam Nasional Bhd (PETRONAS) in relation to a small field asset cluster production sharing contract, which consists of the Bubu, Bunga Tasbih and Enau fields.

In a filing with Bursa Malaysia, the group said the tenure of the production sharing contract is 14 years from July 1, 2024.

"The board of directors is of view that the acceptance of the letter of award from PETRONAS in relation to the SFA Cluster PSC is in the best interest of the company and is not expected to significantly affect the earnings per share and net assets value per share of the Company for the financial year ending Dec 31, 2024," it said.