Petronas’ New Subsidiary to Focus on Marginal Fields Development (Malaysia)
PETRONAS Carigali Sdn Bhd has incorporated a new wholly-owned subsidiary, VESTIGO Petroleum Sdn Bhd, to focus on Development and Production activities from small, marginal and mature fields in Malaysia and abroad.
VESTIGO aims to optimise production from clusters of small, marginal and mature fields through operational, technical and cost effective methods while its parent PETRONAS Carigali continues to explore and develop larger and more technically complex fields.
“VESTIGO will enable PETRONAS to pursue additional growth areas such as small, marginal and mature fields through strategic partnerships with other industry players. The services offered by VESTIGO will be complementary to what PETRONAS Carigali provides in the industry today,” said Datuk Mohd Anuar Taib, President, PETRONAS Carigali Sdn Bhd.
“One of the strategic objectives of VESTIGO is to build niche technical and executional capabilities in the Development & Production of small and marginal fields which can later be replicated for our overseas ventures. It will offer new sources of growth for PETRONAS as we unlock strategic hydrocarbon assets,” said Datuk Mohd Anuar.
The company’s immediate focus will be on adjacent areas in the domestic front.