Malaysia’s Tanjung Offshore has been selected by Repsol as one of the contractors for manpower supply under an umbrella contract in Malaysia.
Tanjung said in a Bursa Malaysia filing on Wednesday that the contract is for a two-year period with a one-year extension option. It has an estimated value of RM 100 million ($22.4 million).
The company added that possible risk factors which could affect the award are the availability of skilled manpower and regulatory conditions.
Regarding Repsol’s assets in Malaysia, the Spanish oil company holds rights to seven blocks in the country. Two of the blocks are for exploration, with a net surface area of 3,347 square kilometers, and five are for production and development, with a net surface area of 1,014 square kilometers.
The company began exploration and production activities in Malaysia in 2015, through the incorporation of assets from Talisman, all of which are offshore.
The acquisition of Talisman by Repsol meant that the shares in the Angsi South Channel, PM-3 CAA PSC, PM-305, and PM-314 production blocks as well as the Kinabalu Oil block, which is regarded as a major asset, were transferred to Repsol.
Kinabalu is a mature offshore oil field in Malaysia’s Sabah basin, operated by Repsol with a 60 percent stake.
Blocks also added to Repsol’s asset portfolio were the SB-309 and SB-310 exploratory blocks, although a partial stake in the latter is in the process of being transferred to SapuraKencana.
Offshore Energy Today Staff