Malaysia’s Petra Energy and MMC Oil & Gas Engineering will join forces to pursue selective opportunities involving engineering and design in brownfield activities of oil and gas in Malaysian market.
The pair entered into a memorandum of understanding (MoU), agreeing to combine their resources and expertise, on July 20, 2016.
Announcing the MoU, Petra said in a Bursa Malaysia filing on Friday that this cooperation will benefit both companies.
According to the memorandum, Petra’s wholly-owned subsidiary company, Petra Resources, will cooperate with MMC Oil & Gas, a provider of engineering design services to the oil & gas industry, in respect of design and detailed engineering scope for potential projects for one year.
The agreement is effective from July 20, 2016 and expiring on July 19, 2017. An extension option may be mutually agreed between the two companies, the company added.
Petra noted that there is no contract value stated as this MoU serves as an intention of the parties to ‘cooperate and collaborate for bidding purposes’.
Offshore Energy Today Staff