Project Profile
Value: Undisclosed
Location: Offshore peninsular Malaysia
Reserves: Unknown
Water Depth: 60 metres
Kapal, Banang, and Meranti (KBM) cluster of small fields are located offshore peninsular Malaysia. The KBM Cluster fields are located within 20 kilometres of each other in a water depth of 60 metres. The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 feet to 7,800 feet. First oil from the Kapal field is scheduled within 2013 followed by production from the Banang field a year later. Coastal Energy Company has entered into a Small Field Risk Service Contract (RSC) with Petroliam Nasional Berhad (PETRONAS) for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields (KBM Cluster) offshore Peninsular Malaysia. Coastal will provide the upfront development capital, undertaking the development drilling and production of the KBM Cluster. PETRONAS will remain the owner of the project. Subject to its performance, Coastal will recover its capital and operating expenditures and will be paid a remuneration fee, which will be adjusted by key performance indicators (KPIs) based on the timely implementation of the agreed field development plan and budget. Coastal will develop the fields using Mobile Offshore Production Units (MOPUs) and Floating Storage and Offloading Tankers (FSOs) similar to the method used to develop its assets offshore Thailand. A total of seventeen wells will be drilled with ten planned at Kapal, four at Banang and three at Meranti.
Operators:
PETRONAS: Operator with 100% interest
Contractors:
Coastal Energy Company: Field Risk Service Contract (RSC) for the development and production of petroleum from the KBM Cluster