What is the estimated recoverable resource for the South East Collins Cluster?

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The South East Collins Cluster holds an estimated 10 million stock tank barrels of recoverable resources.

The South East Collins Cluster, located offshore Malaysia, has been awarded to Vestigo Petroleum Sdn Bhd under a new Production Sharing Contract (PSC). This cluster comprises two fields, South East Collins and Lokan, which were initially discovered in the 1980s. The estimated recoverable resources for this combined cluster are pegged at 10 million stock tank barrels (mmstb).
Development Under New Fiscal Terms

The development of the South East Collins Cluster will proceed under the newly introduced Small Field Asset (SFA) PSC terms. These terms are designed to encourage the monetization of smaller discovered resource opportunities within Malaysian waters. The cluster's fields are situated in water depths ranging from 42 to 45 metres, approximately 70 kilometres northeast of Labuan Island.
Vestigo Petroleum's Role

Vestigo Petroleum Sdn Bhd was selected for this award due to its established track record as a cost-effective operator in the development and operation of small fields. The company's chief executive officer, Hazanie Jamian, signed the PSC on behalf of Vestigo. This award is anticipated to stimulate the future development and production of additional small fields in the region.
Strategic Importance of Small Field Monetisation

The SFA PSC terms are a key initiative by Petronas to unlock the potential of marginal fields. These fields require operators with a specific business model and mindset to leverage the tailored fiscal and non-fiscal incentives provided. In the current environment of volatile oil prices, operators must also implement innovative strategies to achieve the lowest overall life cycle costs.

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What is the estimated recoverable resource for the South East Collins Cluster?

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