PETRA Energy announced that its wholly owned subsidiary PETRA Energy Development Sdn Bhd (“PEDSB”) was awarded the Banang Late Life Asset (“LLA”) Production Sharing Contract (“PSC”) by Petroliam Nasional Berhad (PETRONAS) through Malaysia Petroleum Management, as the custodian of national hydrocarbon resources in Malaysia. The Banang LLA PSC grants PEDSB Operatorship of the Banang Field with 100% participating interest effective 1 June 2024.

The 10-year LLA PSC provides PEDSB the right to develop and produce petroleum resources from the Banang field, offshore Peninsular Malaysia. The Banang field is located approximately 70 km from Kuala Terengganu, off the east coast of Peninsular Malaysia.

PEDSB is in a good position to undertake this PSC, having first commenced work at the Banang oilfield in 2012, under a successful Risk Sharing Contract arrangement as a partner in Coastal Energy (KBM) Sdn Bhd for the Kapal Banang Meranti cluster. This later transitioned to a Technical Services Agreement in June 2020 with PEDSB operating the Banang oilfield on behalf of PETRONAS. The recent award of the PSC to PEDSB represents our strategic progression into an upstream PSC Operator, reinforcing our commitment and growing capabilities within the field.

The award of the Banang Late Life Asset PSC augments PEDBS’s operatorship portfolio as PEDSB is also the operator of Block SK433, onshore Miri Sarawak with Petroleum Sarawak (PETROS) which the Company was awarded in July 2021.

KeyFacts Energy: PETRA Energy Malaysia country profile