PETRONAS Carigali Sets Up VESTIGO Petroleum For Marginal Fields
PETRONAS Carigali Sdn Bhd recently incorporated a new wholly-owned subsidiary, VESTIGO Petroleum, tasked at focusing on the development and production from small, marginal and co-located mature fields.
“VESTIGO Petroleum will enable us to pursue additional growth areas such as small, marginal and co-located mature fields. The services offered by this new company will be complementary to what we provide in the industry today. It will provide new sources of growth for PETRONAS as we unlock strategic hydrocarbon assets,” said Datuk Mohd Anuar Taib, Vice President / CEO, PETRONAS Development & Production.
The vision is for VESTIGO Petroleum to be a leading player in small, marginal and co-located mature fields while PETRONAS Carigali continues to focus on larger and more technically complex fields. This new company will adopt a different operating model in order to deliver high value and high growth to the PETRONAS Group, both domestically and internationally.
In keeping to their motto of Reimagining The Way We Work, the VESTIGO Petroleum team of experienced industry practitioners adopts a value-driven investment and operations model, an entrepreneurial mindset, a lean/agile organisational setup and nimble processes to promote accountability and fast decision making. Its aim is to foster win-win relationships through technical and commercial collaborations with other companies. These will also result in the deployment of innovative technologies and procurement processes as well as tight project management approaches to optimise production from reservoirs located further afield in a cost effective and efficient manner.
VESTIGO Petroleum, currently headed up by Shahrul Nizam, Interim MD/CEO and Head of Strategy & Corporate Planning, has submitted a proposal for VESTIGO’s first Risk Service Contract and Field Development Plan for a field in offshore Peninsular Malaysia to the Petroleum Management Unit (PMU). It is also in the initial stages of scoping some fields in offshore Sabah and Sarawak.
While the immediate focus will be on adjacent areas in the domestic front, Nizam says, “In time, we aim to be globally recognised as a company focusing on marginal and matured assets with sought-after, technically sound services with a lean and agile operating model. The intent is to ensure maximum returns for our shareholders.” – PETRONAS