Sapura Energy Bhd said it will commence production at the B15 field offshore Sarawak with the first gas milestone achieved within two years of the sanction of its field development plan (FDP).
“This milestone achievement at B15 was achieved on schedule and within budget. Sapura E&P (Sapura Exploration and Production (Sarawak) Inc) has made significant gas discoveries over the past two years. The development plans for these discoveries are progressing well and should come on stream over the next two to five years,” said Sapura Energy in a statement.
“Once fully developed we expect Sapura E&P to be a significant supplier of natural gas to the Bintulu MLNG complex,” Sapura Energy president and chief executive officer Tan Sri Shahril Shamsuddin.
The B15 field was discovered in December 2010 and is located within the SK310 production sharing contract (PSC) area. The development comprises a processing platform with a 35km evacuation pipeline tied into the existing B11 infrastructure for onwards transmission into the Malaysia Liquefied Natural Gas (MLNG) complex at Bintulu.
Sapura Energy via its wholly-owned subsidiary Sapura E&P is the operator of the SK310 PSC with a 30% participating interest and partners with Petronas Carigali Sdn Bhd at 40% and Diamond Energy Sarawak Sdn Bhd, a subsidiary of Mitsubishi Corporation at 30%.
Sapura Energy’s share price closed three sen or 4.9% higher at 54 sen with about 260.1 million shares traded, giving it a market capitalisation of RM3.24 billion.