Petronas welcomes Jadestone Energy as newest upstream investor, operator in Malaysia

KUALA LUMPUR: Jadestone Energy Holdings Ltd, a subsidiary of Singapore based Jadestone Energy plc, has become the latest upstream investor in Malaysia through its acquisition of SapuraOMV Upstream (PM) Inc (SapuraOMV PM), a subsidiary of Sapura OMV Upstream Sdn Bhd.

SapuraOMV PM holds participating interests in producing assets located offshore Peninsular Malaysia, namely the AAKBNLP, PM318, PM323 and PM329 production sharing contracts (PSCs).

The company is the operator of PM323 and PM329 PSCs. Jadestone is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and has operatorship experience in oil and gas fields across the Asia-Pacific region.

“We welcome Jadestone’s debut in Malaysia’s upstream sector. This is a testament that the country remains attractive with diverse investment opportunities available to suit different investors’ appetite and capabilities.

“Having the right asset placed in the hands of the right player unlocks its full potential, thus maximising returns for both our upstream investors and Petronas as the custodian of hydrocarbon resources in Malaysia,” Petronas senior vice-president of Malaysia petroleum management, Mohamed Firouz Asnan said in a statement.

He said the company believed Jadestone’s experience and skills in extending asset life, combined with its focus on enhancing production and cost optimisation, would improve margins while prolonging the economic life of offshore fields, contributing to the overall sustainability of oil and gas production for the country.

SapuraOMV and Jadestone had entered into a conditional sale and purchase agreement on April 30, 2021. The conditions include regulatory approval from Petronas which was granted on July 15, 2021. The acquisition was completed on Aug 1, 2021.

In the pursuit of unlocking the full potential of Malaysia’s hydrocarbon resources, Petronas is currently hosting the Malaysia Bid Round 2021 themed “Grow Your Energy Portfolio With Us”. It offers 13 new opportunities in Malaysia’s prolific basins, accompanied by enhanced fiscal and non-fiscal terms in the PSC such as Enhanced Profitability for the shallow water blocks, the Late Life Assets and Small Field Assets. – Bernama

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