Petra Energy and MMC Oil & Gas signs Mou to anchor Engineering Deals in Malaysia
Malaysia’s Petra Energy and MMC Oil & Gas Engineering will join forces to pursue selective opportunities involving engineering and design in brownfield activities of oil and gas in Malaysian market.
The pair entered into a memorandum of understanding (MoU), agreeing to combine their resources and expertise, on July 20, 2016.
Announcing the MoU, Petra said in a Bursa Malaysia filing on Friday that this cooperation will benefit both companies.
According to the memorandum, Petra’s wholly-owned subsidiary company, Petra Resources, will cooperate with MMC Oil & Gas, a provider of engineering design services to the oil & gas industry, in respect of design and detailed engineering scope for potential projects for one year.
The agreement is effective from July 20, 2016 and expiring on July 19, 2017. An extension option may be mutually agreed between the two companies, the company added.
Petra noted that there is no contract value stated as this MoU serves as an intention of the parties to ‘cooperate and collaborate for bidding purposes’.
Offshore Energy Today
U.S. energy company Noble Energy and its Israeli partner Delek, have reportedly reached an agreement with the Israeli government, which should pave the way towards the development of the giant Leviathan gas field, offshore Israel.
One point in the previously agreed framework for the 22 TCF gas development was objected by Israel’s High Court in March. The court said that the stability section of the agreement, with the purpose of “the existence of a stable regulatory environment” could not stand, as it would prevent regulatory changes for a decade, and had to be reorganized. The court gave one year for the amendment to take place.
According to a Reuters report on Wednesday, Israel’s finance minister Yuval Steinitz said the new agreement was reached, which will provide more room for the government to make regulatory changes in the natural gas sector if needed. He said that the deal was expected to be ratified soon.
The news agency further cited Noble Energy, which reportedly said that the agreement was an important milestone towards creating stable investment climate.