Jadestone debuts as new upstream investor and operator in Malaysia
SapuraOMV and Jadestone had earlier entered into a conditional Sale and Purchase Agreement (SPA) on 30 April 2021.
Jadestone Energy Holdings Ltd, a subsidiary of Singapore-based Jadestone Energy plc (Jadestone) has become the latest upstream investor in Malaysia through its acquisition of SapuraOMV Upstream (PM) Inc (SapuraOMV PM), a subsidiary of SapuraOMV Upstream Sdn Bhd (SapuraOMV).
SapuraOMV PM holds participating interests in producing assets located offshore Peninsular Malaysia, namely the AAKBNLP, PM318, PM323 and PM329 Production Sharing Contracts (PSC). The company is the operator of PM323 and PM329 PSCs.
Jadestone is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and has operatorship experience in oil and gas fields across the Asia-Pacific region.
PETRONAS Senior Vice President of Malaysia Petroleum Management, Mohamed Firouz Asnan said:
“We welcome Jadestone’s debut in Malaysia’s upstream sector. This is a testament that the country remains 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 whilst prolonging the economic life of offshore fields, contributing to the overall sustainability of the oil and gas production for the country.”
SapuraOMV and Jadestone had earlier entered into a conditional Sale and Purchase Agreement (SPA) on 30 April 2021. The conditions include, among others, the regulatory approval from PETRONAS which was granted on 15 July 2021. The acquisition was completed on 1 August 2021.