Rex signs two PSCs in Malaysia

Singapore-listed Rex International Holding together with its Malaysian partner, Duta Marine, has signed two production sharing contracts (PSCs) awarded earlier by state-owned Petronas, it said on August 30.

These PSCs are related to the development and production of the Rhu-Ara and the Diwangsa clusters located offshore Malaysia. The Rhu-Ara cluster contains two discovered oil fields while the Diwangsa cluster contains four.

The clusters are awarded following the Malaysia Bid Round 2020. The new PSC terms under the small fields assets include an up-to-two-year pre-development phase followed by a two-year development and a ten-year production period. Rex has a 95% stake in the PSC and is the operator.