EnQuest PLC, an independent oil and gas production and development company, listed on the London stock exchange, is pleased to announce its wholly-owned affiliate, EnQuest Petroleum Production Malaysia Ltd ('EnQuest') has been awarded the DEWA Complex Cluster Small Field Asset ('SFA') Production Sharing Contract ('PSC') in partnership with Petroleum Sarawak Exploration & Production Sdn Bhd ('PSEP') and Longboat Energy (DEWA) Ltd ('Longboat') by Petroliam Nasional Berhad (PETRONAS) ('PETRONAS') through Malaysia Petroleum Management (MPM). Under the terms of the PSC, EnQuest will be operator of the block with largest participating interest of 42.0%, effective from 21 October 2024.
The DEWA Complex Cluster SFA PSC consists of twelve (12) discovered fields in an area approximately 50 kilometres off the coast of Sarawak, offshore Malaysia in water depths of 40 to 50 metres. The block is in a proven hydrocarbon area containing undeveloped discoveries, providing potential low-cost development options to provide gas supply into the Sarawak gas system.
Within the initial two-year pre-development term of the SFA PSC, the partners are committed to completing the resource assessment of the fields and submitting a Field Development and Abandonment Plan ('FDAP') for the first cluster of fields, which could hold up to 500 Bscf of gas in place.
EnQuest Chief Executive, Amjad Bseisu, said:
"We are delighted to have been awarded the DEWA Complex Cluster SFA PSC, especially on our 10th anniversary in Malaysia and marking our return to Sarawak after the Tanjong Baram Small Field Risk Service Contract. The block contains several undeveloped discoveries providing future opportunities for EnQuest to demonstrate its proven capabilities in innovative and cost-effective development. We would like to thank PETRONAS for their confidence in awarding us this PSC and are pleased to have our first joint venture with PSEP."
