Project Profile
Value: US$135 million
Location: Block PM305, Terengganu, offshore Peninsular Malaysia
Reserves: unknown
Depth: unknown
Start-up Year: late 2016
Octanex, operator of Block PM305 offshore Peninsular Malaysia, secured limited recourse project financing for the development of the Ophir field. Development of the field involves the drilling of three production wells from a single wellhead platform. Produced oil will be sent from the platform to a leased floating, storage and offloading vessel. The Ophir partners (OPSB) consist of Octanex (50%), Scomi Energy Services (30%) and Vestigo Petroleum (20%).
OPSB will develop the Ophir oil field through a simple stand-alone development, with first oil planned for December 2015. The development, which is expected to cost US$135m, includes drilling of three production wells from a single wellhead platform producing into a leased tanker for storage and offloading of crude. A syndicate comprising Malayan Banking Berhad, RHB Bank and United Overseas Bank will provide the finance for about four years. The current schedule has the Ophir field commencing oil production in late 2016.
Operators:
Octanex: Operator with 50% interest
Scomi Energy Services: 30% interest
Vestigo Petroleum: 20% interest
Contractors:
Malayan Banking Berhad: Financial provision
RHB Bank and United Overseas Bank: Financial provision
Muhibbah Engineering (M) Bhd (Muhibbah): Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of a Wellhead Platform for the Ophir oil field offshore Peninsular. The Ophir platform will be fabricated at the Muhibbah yard at Klang approximately 40km south west of Kuala Lumpur, before being installed in the Ophir field. The schedule for the EPCIC of the Ophir platform will see the platform installed in the field Q3 2016. A jack-up drilling rig will then be mobilised to site and development drilling will commence. (December 2015)