Project Profile
Location: offshore Terengganu, off Peninsular Malaysia
Estimated production: 30,000 - 50,000 boepd
Start-up Year: 14th July 2015
The development at Tembikai and Cenang will primarily target gas production. Discovered in the 1980s, Tembikai is expected to be developed over a period of up to nine years, with the project costing US$500 million to US$1 billion.
Vestigo Petroleum Sdn Bhd, a unit of Petroliam Nasional Bhd (Petronas) set up in 2013 to develop the marginal oilfields, aims to produce some 30,000 to 50,000 barrels of oil equivalent (boe) per day within the first three years. The Tembikai development was slated for first oil by mid-2015. The lifespan of the field is also pending the results of feasibility studies. Unlike the standard production sharing contract, Petronas owns all of the oil extracted under an RSC, while the field operators are paid a fee tied to their performance.
Operators:
Vestigo Petroleum Sdn Bhd, a unit of Petroliam Nasional Bhd (Petronas): Operator with 100% interest
Contractors:
SILK Holdings Bhd\'s (SHB) subsidiary Jasa Merin (Malaysia) Sdn Bhd (JMSB): Contract from Vestigo Petroleum Sdn Bhd (VPSB) to provide marine vessel services to support the latter\'s drilling program and production at the Tembikai Field Development. Contract is worth around US$5.9 million (MYR 21.7 million) for the primary term.