Jadestone Energy Debuts As Latest Investor In Malaysia’s Upstream Business

Malaysia’s oil and gas sector is seeing much action as prices continue to go up, latest to join the party is Jadestone Energy Holdings Ltd, a subsidiary of Singapore-based Jadestone Energy plc has become the latest upstream investor via its acquisition of SapuraOMV Upstream, a subsidiary of Sapura Energy.

SapuraOMV currently holds a participating interests in producing assets located offshore Peninsular Malaysia, namely the AAKBNLP, PM318, PM323 and PM329 Production Sharing Contracts (PSC). The company is the operator of PM323 and PM329 PSCs. Jadestone is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and has operatorship experience in oil and gas fields across the Asia-Pacific region.

Petronas Senior Vice President of Malaysia Petroleum Management, Mohamed Firouz Asnan welcomes the entrant and believes the foreign party investment is a testament that the country remains attractive with diverse investment opportunities.

SapuraOMV and Jadestone had earlier entered into a conditional Sale and Purchase Agreement (SPA) on 30 April 2021. The conditions include, among others, the regulatory approval from PETRONAS which was granted on 15 July 2021. The acquisition was completed on 1 August 2021.

In the pursuit of unlocking the full potential of Malaysia’s hydrocarbon resources, Petronas is currently hosting the Malaysia Bid Round 2021 themed “Grow Your Energy Portfolio With Us”. MBR 2021 offers 13 new opportunities in Malaysia’s prolific basins, accompanied by enhanced fiscal and non-fiscal terms in the PSC such as Enhanced Profitability for the shallow water blocks, the Late Life Assets and Small Field Assets, which are designed to match the risk and rewards of the investments with the type of assets available.

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