KUALA LUMPUR: Jadestone Energy PLC's subsidiary, Jadestone Energy Holdings Ltd, has become the latest upstream investor in Malaysia through its acquisition of SapuraOMV Upstream (PM) Inc (SapuraOMV PM).
SapuraOMV PM is a subsidiary of SapuraOMV Upstream Sdn Bhd (SapuraOMV).
The company holds participating interests in producing assets located offshore Peninsular Malaysia, the AAKBNLP, PM318, PM323 and PM329 production sharing contracts (PSC).
SapuraOMV PM is the operator of PM323 and PM329 PSCs.
Petroliam Nasional Bhd Malaysia petroleum management senior vice president Mohamed Firouz Asnan said the acquisition was a proof that the country remained attractive with diverse investment opportunities available to suit different investors' appetite and capabilities.
"Having the right asset placed in the hands of the right player unlocks its full potential, thus maximising returns for both our upstream investors and Petronas as the custodian of hydrocarbon resources in Malaysia.
"We believe Jadestone's experience and skills in extending asset life, combined with its focus on enhancing production and cost optimisation, will improve margins while prolonging the economic life of offshore fields, contributing to the overall sustainability of the oil and gas production for the country," he added.
SapuraOMV and Jadestone had earlier entered into a conditional sale and purchase agreement on April 30, 2021.
The conditions include, among others, the regulatory approval from Petronas which was granted on July 15, 2021.
The acquisition was completed on August 1 this year.