Ophir Oil Field – Development
Octanex has a 50% interest in the Ophir Oil field development offshore Peninsula Malaysia via its 50% interest in Ophir Production Sdn Bhd (OPSB), the joint venture company that holds the Risk Service Contract (RSC) for the development of the Ophir oil field.
The Ophir oil field is being developed via a low risk development concept involving three production wells, a single wellhead platform and export via floating vessel.
Octanex share of the Ophir project is fully funded via OPSB 75% project financing and Octanex funding arrangements with with Sabah International Petroleum, a company wholly owned by the State of Sabah.
Fellow joint venturers in OPSB are Scomi Energy Services (30%) and Vestigo Petroleum(20%).
Scomi is a Bursa Malaysia listed global service provider and Vestigo is a marginal field focussed subsidiary of Petronas.