Friday 29 Mar 2024
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KUALA LUMPUR (May 7): Petronas Carigali Sdn Bhd, a wholly-owned unit of Petroliam Nasional Bhd (Petronas), relinquished its 25% stake in the Bertam field project to International Petroleum Corp (IPC).

According to Canada-based IPC's result announcement for the first quarter ended March 31, 2021 (1QFY21) on Wednesday, it had acquired an additional 25% interest in the field from Petronas Carigali, resulting in IPC’s interest in the field increasing to 100% effective April 10.

“No consideration was paid by IPC for this additional interest, and IPC agreed to assume minimal further future well-decommissioning obligations estimated at around MUSD 1.0.

"Current net Bertam field production acquired is in excess of 1,250 bopd (barrels of oil per day). Our commercial interest in the Bertam FPSO (floating production storage and offloading unit) remains unchanged at 100%,” it said.

The exit was driven by Petronas Carigali’s continuous high-grading efforts of its assets and was based on mutually beneficial terms, said a spokesperson of Petronas.  

The Bertam field is located offshore Peninsular Malaysia.

Previously, IPC held a controlling interest in the project with a 75% stake, with Petronas Carigali holding the rest.

According to Reuters, IPC is a Canada-based spin-off company for the non-Norwegian assets of Lundin Petroleum AB.

Edited ByKathy Fong & Lam Jian Wyn
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