Vestigo Petroleum has secured a production sharing contract (PSC) from Petronas to develop the South East Collins Cluster under the newly implemented Small Field Asset (SFA) PSC terms. The South East Collins Cluster is located 70 km northeast of Labuan Island and consists of two fields, Lokan and South East Collins, which were discovered in the 1980s. The South East Collins Cluster is now ready for production under the current SFA PSC terminology, with a total estimated recoverable of 10MMstb.
Vestigo is a Petronas Carigali Sdn Bhd subsidiary that currently manages the PM335 PSC, the SK315 PSC, Irong Cluster PSC and the Tembikai Chenang Small Field Risk Sharing Contract. Furthermore, it owns non-operating stakes in PM9 PSC and SK407 PSC.