We are pleased to announce that Skrine represented Ping Petroleum Sdn. Bhd. (“Ping Petroleum”) on its entry with Duta Marine Sdn. Bhd. (“Duta Marine”) into a Small Field Asset Production Sharing Contract (“SFA PSC”) with PETRONAS for the development and production of three fields namely Bubu, Bunga Tasbih and Enau (“Beta Cluster”) located about 250km from the east coast of Peninsular Malaysia. Ping Petroleum is the operator of this SFA PSC with a 90% participating interest and Duta Marine having the remaining 10%.
 
Winning the Beta Cluster under the Malaysia bid round plus (MBR+) adds to Ping Petroleum’s existing assets namely Meranti, A Cluster and Abu clusters. The newly signed cluster lies between 4km to 8km from Ping’s existing Abu Cluster asset, providing significant synergy potential for an Area Development.
 
Skrine assisted Ping Petroleum in preparing and finalising the SFA PSC, and the joint operating agreement with Duta Marine for the development and production of the Beta Cluster.
 
The transaction team was led by Partner, Tan Wei Xian, and supported by Associate, Siti Sarah Binti Iskandar.
 
Media coverage of the transaction can be accessed at:
 
https://www.bernama.com/en/news.php?id=2322093