Petronas Carigali has negotiated a 10-year charter extension for the Ratu Nusantara FPSO at the Bukit Tua oilfield offshore Indonesia. The vessel is now set to remain at the field until 2036.
The renewed charter will provide long-term revenue to the state of Sabah through Sabah International Petroleum and its subsidiary, PT M3 Ketapang Sejahtera.
The agreement follows more than 11 years of operations by the FPSO. The unit can process up to 25,000 barrels of oil per day and 60m cubic feet of gas per day. It also has storage capacity for as much as 600,000 barrels of crude.
The initial contract was awarded in 2012. Since then, the Ratu Nusantara has started oil production, received an earlier extension during the pandemic and completed more than 2.7m man-hours without a lost-time injury.
An Indonesian offshore workforce is responsible for all operations aboard the FPSO. The arrangement supports skilled employment and the partnership between Malaysia and Indonesia.
Sabah Finance Minister Seri Masidi Manjun said the renewal resulted from commercial performance and operational standards rather than entitlement.
He said the restructuring of Sabah International Petroleum by SMJ Energy had turned the state-owned company into an asset that continues to provide value for Sabah. He added that the extension reflected Sabah’s ability to own and manage energy assets while returning benefits to its people.
