The Development & Production segment covers the Group’s business activities in the rejuvenation of brownfields as well as small and marginal field development and production.
In 2013, PETRA Energy, via its collaboration with an associate became involved in the Small Field Risk Service Contract (SFRSC) for the development and production of petroleum from the Kapal, Banang and Meranti small fields (KBM Cluster) offshore Peninsular Malaysia. Today, PETRA is the sole operator via the continuation of Banang Field production under a Technical Service Agreement with PETRONAS.
PETRA will provide services to operate and maintain the Banang Field.
The Group is in an ideal position to undertake the operations and maintenance of the Banang Field after having an exposure to the upstream field development and production via a thirty percent (30%) Joint Venture in the Kapal Banang Meranti Small Fields Risk Service Contract. The opportunity to operate and maintain Banang Field is a natural progression and an extension of its services within the oil and gas industry. In addition, the Group has the right capabilities and asset such as the Mobile Offshore Production Unit to undertake the scope of works under the terms of the Contract.