Dagang NeXchange Berhad, via its subsidiary Ping Petroleum Sdn Bhd has signed a new Production Sharing Contract with Petronas marketed under the Malaysia Bid Round 2022.
MBR is an annual Malaysia licensing round hosted by Malaysia Petroleum Management where Petronas offers investors diverse upstream opportunities, including exploration acreages, discovered resource opportunities and late-life producing assets.
The 10-year PSC grants PPSB the right to develop and produce the petroleum and gas resources from the three fields within the Abu Cluster namely Abu, Abu Kecil and Abu SW Upthrown where the Abu Cluster is located approximately 250 km from the east coast of Peninsular Malaysia. PPSB is a wholly-owned subsidiary of Ping Petroleum Limited (“Ping”).
Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Executive Chairman of DNeX, said “We thank PETRONAS for giving us another opportunity to benefit from the MBR 2022 and look forward to working with PETRONAS through the development, production and abandonment of the asset. This contract will further strengthen our track record in operating low-cost producing assets and allows us to diversify our revenue stream across multiple geographies.”
