SapuraKencana Petroleum Bhd Signed Offshore Projects Worth USD97.4 MILLION

Investment in oil and gas offshore sector to surge requirement for subsea umbilical, risers and flowlines throughout Malaysia

KUALA LUMPUR: SapuraKencana Petroleum Bhd (SKPB) has batched several engineering and construction contracts, with a net worth of USD97.4 MILLION. The company was awarded a contract by Petroliam Nasional Bhd’s (Petronas) for installation and transportation of offshore facilities throughout Malaysia between 2017 to 2018. The company also won a contract by Petronas Carigali Sdn. Bhd for engineering, decommissioning, procurement, construction, installation and commissioning of Sepat mobile offshore production unit. Also, a contract for engineering, preparation, removal and disposal for Dana and D30 facilities decommissioning project was awarded to SKPB by PCPP Operating Company Sdn Bhd.

TechSci Research depicts that such contracts in oil & gas offshore domain in the country will surge employment in petroleum sector even at such low crude oil prices. The projects in the country will be beneficial to the global oil and gas offshore market and will serve as a driver for work force increment. This will lead to an increased requirement of subsea umbilicals, risers and flowlines in the country.

According to released report of TechSci Research, “Global Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market, By Component, By Application, By Region, Competition Forecast and Opportunities, 2011-2021”, the global market for oil & gas SURF is projected to grow at a CAGR of over 12% during 2016-2021. Flowlines dominated global oil & gas SURF market, on account of rising production from offshore fields, which require flowlines to be installed to bring the produced oil and gas from the seabed to the surface processing facility.