Seascape Energy, an E&P company focused on Southeast Asia, has been awarded a 28% participating interest in a Small Field Asset Production Sharing Contract ("SFA PSC") over the DEWA Complex Cluster off the coast of Sarawak, Malaysia. The Award was made under the Malaysia Bid Round Plus ("MBR+") by PETRONAS through Malaysia Petroleum Management.

The DEWA partners are EnQuest Petroleum Production Malaysia Ltd (42%, operator) ("EnQuest") and Petroleum Sarawak Exploration & Production Sdn. Bhd. (30%) ("PSEP").

DEWA is comprised of 12 gas discoveries in shallow water (40-50 metres) near to infrastructure off the coast of Sarawak and includes; D30, D30W, Danau, Daya, Daya North, D41, D41W, Dafnah West, Dana, Darma, West Acis and Spaoh. Gas was originally found in the area in 1982 but overlooked by previous partnerships which were focused on oil production.

The DEWA partnership is anticipated to initially focus on the D30, Danau, D41, D41W, Dana and Dafnah West discoveries which are estimated by the Company to contain circa 500 bcf GIIP (gross, ~83 mmboe). These fields are broadly characterised as having clastic reservoirs with large gas columns and good hydrocarbon mobilities. There is a significant dataset including 35 well penetrations, well logs, multiple DSTs and MDTs as well as extensive 3D seismic coverage across the entire PSC area.

Given the shallow water depths and nearby infrastructure, the partnership is targeting a low-cost development plan utilising normally unmanned platform(s) with minimal processing which could support a potential production plateau of up to 100 mmscfd.

The initial low-cost work commitment (approximately $0.6 million net to Seascape) is to conduct a detailed resource assessment and deliver a Field Development and Abandonment Plan within two years. The development of these fields will be under the innovative, new Small Field Asset terms which are specifically designed to simplify and incentivise rapid development of smaller hydrocarbon accumulations in Malaysia.

KeyFacts Energy: Seascape Energy Malaysia country profile