KUALA LUMPUR, April 21 (Bernama) — PETRONAS has awarded the Production Sharing Contract (PSC) for the South East Collins Cluster under the newly introduced Small Field Asset (SFA) PSC terms, to Vestigo Petroleum Sdn. Bhd. (Vestigo).
The South East Collins Cluster, located in water depths of 42 to 45 metres 70km north east of Labuan Island, comprises two fields namely South East Collins and Lokan which were discovered in the 1980s. With combined estimated recoverables of 10MMstb, the South East Collins Cluster is now primed for development under the new SFA PSC terms.