Rex signs two PSCs in Malaysia
Singapore-listed Rex International Holding together with its Malaysian partner, Duta Marine, has signed two production sharing contracts (PSCs) awarded earlier by state-owned Petronas, it said on August 30.
These PSCs are related to the development and production of the Rhu-Ara and the Diwangsa clusters located offshore Malaysia. The Rhu-Ara cluster contains two discovered oil fields while the Diwangsa cluster contains four.
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The clusters are awarded following the Malaysia Bid Round 2020. The new PSC terms under the small fields assets include an up-to-two-year pre-development phase followed by a two-year development and a ten-year production period. Rex has a 95% stake in the PSC and is the operator.