MUSCAT: Terengganu Inc, a strategic holding company owned by the government of the Malaysian state of Terengganu, has announced the signing of a memorandum of understanding (MoU) with MB Holding, a well-diversified business group of the Sultanate of Oman, aimed at unlocking opportunities for investment and development in the coastal state.
Terengganu Inc said that the MoU, inked in Muscat on Thursday, will serve as a vehicle for cooperation in a number of “high-potential” sectors, notably upstream hydrocarbons in the Malaysian state.
“Leveraging the strengths of each organisation, the partnership will drive sustainable projects with shared benefits. The initial agreement involves collaboration between Terengganu Inc and Petrogas E&P Oman, a subsidiary of MB Holding, via Petrogas Sisma Energy, to explore upstream oil and gas opportunities in Terengganu,” it stated.
Signing the MoU was Dato’ Seri Dr Ahmad Samsuri Mokhtar, Terengganu’s Chief Minister who is also Chairman of Terengganu Inc, while MB Holding was represented by its Chairman, Dr Mohammed al Barwani. Also in attendance were Shaiful Anuar Mohammad, Malaysian Ambassador to Oman, and Salim al Busaidi, Chief Strategic & Planning Officer of Petrogas E&P LLC Oman.
Oman-headquartered Petrogas E&P is the exploration and production arm of MB Group.
It has been cited for its expansive experience in managing Late Life Assets, as well as its operations in Europe, the Middle East and Africa, producing over 100,000 barrels daily.
“This partnership is anticipated to foster long-term business engagements in Terengganu and across Malaysia, creating new job opportunities and supporting economic growth,” the Malaysian holding company added.
Under a separate MoU, the two sides also pledged to explore opportunities for cooperation and joint development in a number of fields, including healthcare, tourism, manufacturing and sustainable development.
The latest pact with Terengganu Inc adds to Petrogas E&P’s expanding footprint in the upstream oil and gas globally. Commencing operations in 1999 as the first privately owned Omani upstream oilfield company, Petrogas E&P has since expanded its international portfolio to include assets in Egypt, Netherlands, United Kingdom, Denmark and Germany, besides the Sultanate of Oman.
Earlier this week, Petrogas North Sea Ltd, a subsidiary of Petrogas E&P, announced its maiden gas exploration discovery in UK waters. It follows the successful drilling of an exploration well in the UKCS Block 47/3f-16 to a target depth of 3457m and encountered gas in the Rotliegendes.
“The well results were significantly better than expected, with improved reservoir characteristics relative to the prognosis. The well has been P&A’d (plugged and abandoned) and Petrogas will now move the Noble Resilient HDJU to the Abbey Gas field in Block 47/3i to drill an appraisal well,” it added.
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