Petra Energy Berhad has secured a contract extension with Petronas for production, operation, and maintenance services at the Banang offshore oil field. The agreement runs until August 6, 2024.
Its scope under the extension includes the provision of production, storage, and offloading facilities; well and reservoir surveillance; production planning and forecasting; routine operations and maintenance; logistics; and inventory and warehousing. Financial details were not disclosed.
When Petra got the first two-year contract for the Banang field operations in 2020, the contract was worth about $40 million.
Located offshore Terengganu, Peninsular Malaysia, the Banang oil field is a part of the Kapal, Banang, and Meranti (KBM) Cluster. It came on stream on July 15, 2014.
When the first oil was announced, Petronas said that the Banang field facilities consisted of one Mobile Offshore Production Unit (MOPU), one Storage Tanker with approximately 600,000 barrels storing capacity, one well bay module, and one flexible flow line.
Petronas said at the time that the field would produce an average of 6,000 barrels per day.