Kuala Lumpur-based start-up Tamarind Energy is eyeing fields previously deemed “too hard” to develop by others in mature, shallow-water and onshore basins in South-East Asia.
In an interview with Upstream, Tamarind chief executive Ian Angell said these fields discovered by supermajors and large independents were previously considered “too small or too complicated to be developed earlier in their lives”.
Angell believes the current environment of higher gas prices and innovative fiscal regimes introduced by governments in the region now make it “more economical” to go after such “stranded” fields that have been left behind by the previous operators.
Angell also clarified to Upstream that Tamarind’s interests span beyond the innovative fiscal regimes introduced by the Malaysian and Indonesian governments or national oil companies.
“We intend to look at any [asset acquisition] opportunities that come up in South-East Asia,” Angell said. He flagged onshore opportunities opening up in Myanmar, where the government is after extra barrels from a large number of mature fields.
The chief executive of the first South-East Asia-focused exploration and production player backed by private equity outfit Blackstone Energy Partners described an earlier Upstream report on potential talks with a field operator off Malaysia as speculative.
He has nonetheless identified the mature shallow-water basins off Peninsular Malaysia and Sumatra as holding “a lot of [hydrocarbon] potential” for Tamarind.
Tamarind is funded by up to $800 million in seed funding from Blackstone plus equity contributions from members of the newcomer.