Published: Monday July 1, 2013 MYT 10:15:00 AM
Updated: Monday July 1, 2013 MYT 10:17:56 AM
KUALA LUMPUR: Petronas Carigali Sdn Bhd has set up Vestigo Petroleum Sdn Bhd to focus on development and production activities from small, marginal and mature fields in Malaysia and abroad.
It said on Monday Vestigo’s immediate focus will be on adjacent areas in the domestic front. Vestigo would optimise production from clusters of small, marginal and mature fields “through operational, technical and cost effective methods”.
As for Petronas Carigali, it would continue to explore and develop larger and more technically complex fields.
Petronas said Vestigo would enable the national oil company to pursue additional growth areas such as small, marginal and mature fields through strategic partnerships with other industry players.
“The services offered by Vestigo will be complementary to what PETRONAS Carigali provides in the industry today,” said Petronas Carigali president Datuk Mohd Anuar Taib.
He said one of Vestigo’s strategic objectives was to build niche technical and executional capabilities in the development & production of small and marginal fields which can later be replicated for our overseas ventures.
“It will offer new sources of growth for Petronas as we unlock strategic hydrocarbon assets,” said Mohd Anuar.