M3nergy Berhad Unveil Latest FPSO Vessel

M3nergy Berhad celebrated the completion of their latest FPSO vessel, Ratu Nusantara, at a launch ceremony at the Keppel Shipyard in Singapore. Under the auspices of SKK Migas and PC Ketapang II Ltd (PCK2L), the newly named vessel will embark on its inaugural voyage for the Bukit Tua oil and gas field in Indonesia operated by PETRONAS.

Ratu Nusantara, a converted FPSO, has been constructed from a 1994-built Aframax tanker, 'Scorpius' which was meted out in the last quarter of 2013. In 16 months, extensive refurbishment and life extension works were performed on the tanker, transforming it into a well-outfitted FPSO. The vessel has a processing capacity of 25,000 bpd of oil, 77 mmscfd of gas, 20,000 bpd of water and a storage capacity of 630,000 barrels of processed oil.

The completion of the latest FPSO vessel falls in line with the company's expansion plan to strengthen their FPSO/FSO component, which contributes to more than half of its annual turnover. In a vital move to expand its business, the company also plans to enter into strategic joint ventures with major oil partners.

The event was attended by distinguished guests and representatives from SKK Migas and PC Ketapang II Ltd (PCK2L) and other stalwarts of the Southeast Asian oil and gas industry. The Chief Minister of Sabah, Y.A.B. Datuk Seri Panglima Musa Haji Aman, graced the event in support of M3nergy Berhad's latest accomplishment.

Commenting on the occasion, Musa said he was pleased that M3nergy was collaborating with established stakeholders such as SKK Migas and PC Ketapang II Ltd (PCK2L). The expertise and experience derived through this collaboration will be mutually beneficial with an aim of providing a wide array of solutions for the production of oil and gas.

He congratulated M3nergy Berhad on the success of their latest FPSO vessel and their first ever project, located off the coast of Madura Island, Indonesia. "This accomplishment, undeniably has been catalytic in further promoting the oil and gas sector in the region which has been and is a major contributor to the social and economic development of Sabah," he added.

Musa added that PC Ketapang II Ltd (PCK2L) has been supportive of the State Government's objective in developing outstream activities in Sabah for its sustainable development.

'Sabah welcomes further opportunities to continue working with PETRONAS in the future to expand and establish industrial activities in Sabah, alongside our own local investments," he states

In his opening remark at the launch ceremony of Ratu Nusantara, M3nergy's Chairman, Tan Sri Sukarti Wakiman commented, "The completion of this facility marks yet another important milestone in our three-decade journey. In 2012, after marking our presence in three key regions, M3nergy Berhad's participation in the development of oil fields in Bukit Tua is a strategy to strengthen our footing in Indonesia. The success of our new project is a reflection of our competitive edge and focused commitment resulting in progress and sustainable growth of the company."

"PETRONAS is committed to continuously studying further field development opportunities at the Ketapang Block which may be tied in to the Ratu Nusantara FPSO to maximize its capacity utilization," said Encik Sharbini Suhaili, Vice President of Upstream International, PETRONAS.

The Bukit Tua field is operated by PC Ketapang II Ltd (PCK2L), of which 80% is owned by PETRONAS, with the remaining stake owned by PT Saka Ketapang Perdana.

Bukit Tua field is located in the Java C, 35 km to the north of Madura Island and about 110 km north-east of the city of Gresik, East Java.