Ping Petroleum talks with Petronas over brownfield PSC

Kuala Lumpur-based start-up Ping Petroleum is understood to be in discussions with Malaysia’s state-owned Petronas over a brownfield production sharing contract, writes Tan Hwee Hwee.

10 January 2014 0:00 GMT Updated 10 January 2014 0:00 GMT

By Tan Hwee Hwee

Ping was last said to be eyeing a potential PSC for the mature Seligi field, off Terengannu.

The large oilfield first came on stream in 1988, and was earmarked for enhanced oil recovery under a $2.1 billion PSC signed between ExxonMobil and Petronas in 2009.

However, sources said Seligi — which had been in decline since 1995 — may now prove too marginal to interest ExxonMobil in further investment, although this could not be independently verified with the supermajor as Upstream went to press.

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Ping Petroleum talks with Petronas over brownfield PSC