SapuraKencana Petroleum subsidiaries, Sapura Energy Ventures and Kencana Energy, along with their partner, Petrofac Energy Developments, have reached an agreement with Petronas to cease the Berantai risk service contract (RSC).
The Berantai RSC was signed on 31 January 2011 with Petronas for the development and production of petroleum from the Berantai field, offshore Malaysia.
Participating interests in the Berantai RSC includes Sapura Energy Ventures (25%), Kencana Energy (25%) and Petrofac Energy (50%).
With the cessation of the RSC, which will be effective on 30 September 2016, Petronas will reimburse all outstanding capital and operational expenditures to the contractors by June 2017.
As part of the arrangement, the ownership of the Berantai floating production storage and offloading vessel will be transferred to Petronas.
Image from SapuraKencana.
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