Dialog Group Berhad has completed an internal restructuring of its upstream oil and gas operations by transferring its rights and obligations under the Cendramas Production Sharing Contract (PSC) to a wholly-owned subsidiary, following approval from Petroliam Nasional Berhad (PETRONAS).
The group said its wholly-owned subsidiary, Dialog Resources Sdn. Bhd. (DRSB), has assigned and novated all its rights, liabilities, interests, benefits, duties and obligations under the Cendramas PSC to another wholly-owned unit, Dialog Resources (Cendramas) Sdn. Bhd. (DRCSB).
The assignment has received PETRONAS’ approval, while an addendum to both the Cendramas PSC and the Joint Operating Agreement has been executed to reflect the change.
Following the transfer, DRCSB will become the contracting party to the Cendramas PSC alongside PETRONAS and the existing partners, Medco Asia Pacific Limited and EnQuest Petroleum Production Malaysia Limited.
The group said the transfer forms part of an internal reorganisation of certain wholly-owned companies within the Dialog Group aimed at streamlining its corporate structure.
