Petra Energy Bhd’s wholly owned subsidiary, Petra Energy Development Sdn Bhd (PEDSB), has secured a field operations management services contract from Vestigo Petroleum Sdn Bhd for the SK407 production sharing contract (PSC) located offshore Miri, Sarawak.
The contract covers the provision of operations management services for five offshore oil and gas fields namely West Lutong, Baram, Tukau, Siwa and Fairly Baram.
In a filing with Bursa Malaysia, Petra Energy said PEDSB received the Letter of Award from Vestigo Petroleum on March 27, 2026.
The contract will run for a period of two years, commencing from April 1, 2026 until March 31, 2028. No fixed contract value was disclosed in the award letter.
Petra Energy said the contract is expected to contribute positively to the group’s earnings and net assets per share throughout the duration of the project.
The company added that the award will not have any impact on its issued share capital or the shareholdings of major shareholders.
Petra Energy noted that, as with any oil and gas services contract, the project carries operational and execution risks. However, PEDSB will implement appropriate measures to manage and minimise these risks during the contract period.
The group also confirmed that none of its directors, major shareholders or persons connected to them have any direct or indirect interest in the contract.
The contract does not require approval from shareholders or any additional government authorities.
