Petronas books T7 Global’s affiliate for multi-year job

Tanjung Offshore Services, a subsidiary of Malaysia’s T7 Global, has landed a long-term assignment with Petronas Carigali (PCSB), a subsidiary of a compatriot energy giant, Petronas.

T7 Global has disclosed the receipt of a new five-year letter of appointment for the provision of engineering, procurement, construction, and commissioning services, which Tanjung Offshore got from Petronas as PCSB panel contractor for remote operations.

As a result, the company claims that it will play a key role in supporting the Malaysian energy giant’s efforts to transform and digitalize its assets. This is described as an initiative that aims to enhance efficiency and safety in offshore operations.

Shortly after getting a multi-year contract with Carigali Hess, Tanjung Offshore also won a deal with Hibiscus for a block, which is part of a production-sharing contract (PSC) between Malaysia and Vietnam.

Recently, Eni and Petronas took steps to look into the option of pooling resources in a joint venture (JV) holding company to oversee upstream assets in Indonesia and Malaysia with 3 billion barrels of oil equivalent (boe) of reserves alongside an additional 10 billion boe of potential exploration upside.

A recent Rystad analysis underlined that the global oil and gas industry was confined to a handful of highly prospective basins, with explorers increasingly prioritizing low-risk, low-cost near-field or infrastructure-led exploration (ILX) prospects that could deliver quick returns. 

The company points out that 100 ILX wells are planned for 2025, with Southeast Asia – primarily Indonesia, Malaysia, Vietnam, and Thailand – being the hotspot for such activity, followed by Western Europe and North America.