POWER OIL AND GAS

KENCANA, SAPURACREST AND PETROFAC FORM JOINT VENTURE

PETROFAC

KUALA LUMPUR Jan 31 - Malaysia's state oil firm Petronas has awarded a risk service contract to a joint venture company comprising Malaysian oil and gas companies Kencana and Sapuracrest , and United Kingdom's Petrofac to develop one of its oil and gas fields. 


The contract, which runs for nine years, grants the consortium the responsibility of providing and executing a field development plan on the Berantai field, located about 150 kilometres off the Malaysian state of Terengganu on the east coast. 


Kencana and Sapuracrest will each hold a 25 percent stake in the JV company, while Petrofac will hold the remaining 50 percent stake. 


The development cost of the field was estimated to be about $800 million, which will be divided among the JV partners in accordance with their equity stake. 


The consortium is targeting first gas by the end of 2012 with the first phase of 18 wells expected to be completed before then. 

Petrofac had also recently been awarded a $280 million offshore contract by Petronas Carigali, a subsidiary of Petronas. -Reuters


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