Coastal Energy has entered an agreement with the Malaysian government owned company, Petronas, for the production of petroleum from the Kapal, Banang and Meranti cluster of small fields offshore Malaysia.
Oil and gas group Coastal (with 100% equity interest) will be the operator of the so-called "KBM cluster" fields. Part of the agreement means Coastal must recruit a Malaysian company to participate in the field at a 30 - 40% equity interest.
Coastal will provide the upfront development capital and undertake the drilling while Petronas will remain the owner of the project.
Subject to its performance, Coastal will recover its capital and operating expenditures and will be paid a remuneration fee.
First oil from the Kapal field is scheduled within one year followed by production from the Banang field a year later.
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