ID :
169247
Fri, 03/18/2011 - 14:00
Auther :
Shortlink :
https://oananews.org//node/169247
The shortlink copeid
RSC IN OIL AND GAS SECTOR CRUCIAL TO SAFEGUARDING PROFITABILITY
KUALA LUMPUR, March 18 (Bernama) -- The risk service contract (RSC) in the oil and gas sector is crucial to optimising techniques and technologies that are cost-efficient to safeguard profitability.
An RSC is essentially a contract, that significantly increases an operator's risks of exposure, said ARC Media Global Pte Ltd in a statement Friday, in conjunction with the Production Optimisation Week Asia in Kuala Lumpur from July 25-29.
In this case, the awardees or the consortium bears almost all the operating risks and is not paid in the event that the project or system fails, ARC Media Global added.
The issue becomes more pertinent with the RSC to develop the Berantai field.
Petronas awarded a RSC to a consortium comprising Kencana Petroleum Bhd, SapuraCrest Petroleum Bhd and foreign partner Petrofac, which imposes strict key performance indicators on delivery,production and costs.
ARC Media Global said with some 106 marginal oil fields containing 580 million barrels of oil, Malaysia is Southeast Asia's second largest oil and gas producing nation.
"With Petronas' recent major finds in particular and local service providers aspiring to acquire abilities in end-to-end solutions, Malaysia is poised to drive innovation and technology in upstream oil and gas production," it said.
An RSC is essentially a contract, that significantly increases an operator's risks of exposure, said ARC Media Global Pte Ltd in a statement Friday, in conjunction with the Production Optimisation Week Asia in Kuala Lumpur from July 25-29.
In this case, the awardees or the consortium bears almost all the operating risks and is not paid in the event that the project or system fails, ARC Media Global added.
The issue becomes more pertinent with the RSC to develop the Berantai field.
Petronas awarded a RSC to a consortium comprising Kencana Petroleum Bhd, SapuraCrest Petroleum Bhd and foreign partner Petrofac, which imposes strict key performance indicators on delivery,production and costs.
ARC Media Global said with some 106 marginal oil fields containing 580 million barrels of oil, Malaysia is Southeast Asia's second largest oil and gas producing nation.
"With Petronas' recent major finds in particular and local service providers aspiring to acquire abilities in end-to-end solutions, Malaysia is poised to drive innovation and technology in upstream oil and gas production," it said.
