Kuala lumpur: Petra Energy Bhd's (PEB) wholly-owned subsidiary, Petra Energy Development Sdn Bhd (PEDSB), has successfully secured a field operations management services contract from Vestigo Petroleum Sdn Bhd. This contract pertains to the SK407 production sharing contract (PSC) located offshore Miri, Sarawak.

According to BERNAMA News Agency, the contract entails the provision of field operations management services for five offshore fields, including West Lutong, Baram, Tukau, Siwa, and Fairly Baram. The formal agreement was established following a Letter of Award (LoA) from Vestigo Petroleum, received by PEDSB on March 27, 2026.

The LoA does not specify a fixed contract value. The duration of the contract is set for two years, commencing on April 1, 2026, and concluding on March 31, 2028. PEB has stated that the contract will not affect its share capital or the shareholdings of its substantial shareholders but is anticipated to positively impact its earnings and net assets per share over the contract period.

PEB also highlighted that the contract comes with certain risk factors, primarily operational and execution risks, for which PEDSB plans to implement measures to mitigate. The company confirmed that none of its directors, major shareholders, or any persons connected with them have any direct or indirect interest in the contract. Additionally, the contract does not require approval from the company's shareholders or any other relevant government authorities.