BUSINESS

DNEX'S UNIT INKS TWO O&G DEVELOPMENT AND PRODUCTION CONTRACTS

17/01/2023 05:30 PM

KUALA LUMPUR, Jan 17 (Bernama) -- Dagang NeXchange Bhd’s (DNeX) subsidiary Ping Petroleum Sdn Bhd (PPSB) has inked two separate contracts for the development and production of oil and gas (O&G) resources in the Meranti and A clusters, offshore Malaysia.

In filings with Bursa Malaysia today, DNeX said its unit signed a contract with Petroliam Nasional Bhd (Petronas) and Duta Marine Sdn Bhd in relation to Meranti Cluster, and with Petronas and Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP) in regard to A Cluster. 

For Meranti Cluster, PPSB will have 60 per cent participation interest and Duta Marine 40 per cent, while for the other cluster, PPSB will hold 70 per cent and PSEP 30 per cent.

PPSB will act as the operator to carry out decisions in relation to the development and production of both clusters.

Both contracts are valid for 14 years, with a development period of up to four years and a 10-year production period starting from the date of the first commercial production of the petroleum field, or until the expiry of the agreement, whichever is earlier. 

DNeX said the projects will allow the group to diversify its energy business away from a single asset risk, geographically diversify, and to operate in a lower-cost environment.

“Furthermore, the group will be able to continue to grow its business organically and continue with its expansion plans to offer its services to new markets,” it added. 

Besides being involved in upstream O&G exploration and production, DNeX is also involved in semiconductor manufacturing and information technology.

-- BERNAMA


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