Petra Energy Signs Supplementary Agreement With Petronas For Banang Field

Petra Energy has entered into a Supplementary Agreement with Petronas relating to the Production, Operation, and Maintenance of the Banang Field Technical Service Agreement for a period of twenty-two months.

The duration of the Contract is for a period of twenty-two months from 29 September 2022 to 6 August 2024. Under the Contract, the oil and gas company will provide services to operate and maintain the Banang Field. The main scope of works to be undertaken within the contract duration includes the provision of production, storage, and offloading facilities, wells and reservoir surveillance, production planning & forecasting, routine operations & maintenance, logistics, inventory, and warehousing

The extension is a continuation of the current Banang TSA and took recognition of the excellent project delivery and execution by PEDSB whilst prioritizing Health, Safety & Environment (HSE) and Facilities uptime.

TPetra said the contract will not have any effect on the share capital and substantial shareholders’ shareholdings of PEB Group. It is expected to contribute positively to the earnings and net assets per share of PEB Group for the duration of the Contract.

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