KUALA LUMPUR: Petra Energy Bhd’s subsidiary has secured a two-year offshore field operations contract from Vestigo Petroleum Sdn Bhd, further strengthening its upstream oil and gas footprint.
In a Bursa filing, Petra Energy said its wholly-owned unit, Petra Energy Development Sdn Bhd (PEDSB), received a letter of award on March 27, 2026, for the Provision of Field Operations Management Services (FOMS) covering the SK407 Production Sharing Contract (PSC) and associated facilities offshore Miri, Sarawak.
The contract consists of five offshore fields; West Lutong, Baram, Tukau, Siwa and Fairly Baram.
The contract runs for two years from April 1, 2026 to March 31, 2028. There is no fixed value stated in the letter of award.
Petra Energy said the award is expected to contribute positively to the group’s earnings and net assets per share over the contract period, though it will not impact its share capital or substantial shareholders’ holdings.
The group added that risks are mainly operational and execution-related, and will be managed through mitigation measures under PEDSB’s project delivery framework.
No directors, major shareholders, or persons connected to them have any interest in the deal, it said.
Petra Energy’s board said the contract is in the best interest of the group, adding that it appreciates Vestigo Petroleum’s confidence in its capabilities.
The latest win further expands Petra Energy’s upstream services portfolio, alongside its existing involvement in the Banang Late Life Asset Production Sharing Contract offshore Terengganu and the SK433 Petroleum Contract onshore Miri.
“The award marks another step in strengthening the group’s presence in upstream operations and maintenance activities,” the company said.
The announcement is dated 24 April 2026.
