Vestigo Petroleum

Company Profile

Overview: Vestigo Petroleum Sdn Bhd (201301014281) is a Malaysian oil & gas production contractor specializing in small, marginal and mature fields. Established on 26 April 2013 as a wholly‑owned subsidiary of Petronas Carigali Sdn Bhd, Vestigo applies “innovative, safe, and cost-effective” methods to maximize value from under-developed reservoirs. Its vision is “to be a premier marginal field operator that contributes to the sustainable energy of future generations,” reflecting a focus on lean, low‑cost operations and long‑term sustainability. In practice Vestigo acts as a dedicated Production Arrangement Contractor (PAC) within the PETRONAS group, complementing Carigali’s work on large fields by targeting clusters of smaller assets.

History & Ownership

Vestigo was created by Petronas to unlock stranded reserves. Petronas Carigali announced the new subsidiary in mid-2013, noting that it would concentrate on “small, marginal and mature fields in Malaysia and abroad” through technical and cost-efficient methods. According to the company’s website, Vestigo is indeed a lean organization “focused on managing marginal and mature oil and gas assets,” leveraging partnerships and technology to lower costs. Vestigo’s founding charter explicitly included building niche development capabilities that could later be exported overseas. Throughout its history Vestigo has remained 100% owned by Petronas Carigali (itself a branch of the national oil company PETRONAS).

Corporate Structure & Petronas Role

As a wholly‑owned arm of Petronas Carigali, Vestigo sits in the upstream division of PETRONAS. Its mandate is complementary to Carigali’s: while Carigali explores and develops the major fields, Vestigo pursues a “value-driven” strategy on clusters of smaller fields. Petronas treats Vestigo as a specialized Production Arrangement Contractor (PAC), signing risk-service or small-field PSC deals with the subsidiary to manage ageing or marginal assets on Petronas’s behalf. In this way Vestigo provides Petronas with a vehicle to extend field life and unlock additional reserves that would otherwise be uneconomic. For example, when the original contractors exited the Berantai gas field in 2016, Petronas handed operations over to Vestigo to “extend the economic life” of the asset.

Areas of Operation & Key Assets

Vestigo’s activities are concentrated in Malaysian offshore basins, though it has a mandate to pursue opportunities overseas in future. Its current portfolio includes several small-field and mature-field contracts:

• Irong PSC (offshore Terengganu): This cluster includes the Berantai gas field (with an FPSO) and the Jitang and Tembikai oil fields. Berantai began producing gas in 2012 and Vestigo assumed its operation in 2016. The Tembikai-Chenang cluster achieved first oil in June 2015 under Vestigo’s management.

• SK315 PSC (offshore Sarawak): The Bentara and Anjung Kecil oilfields are part of this cluster. Vestigo holds production rights here and has optimized these aging wells through infill drilling and maintenance.

• NBE SFA PSC (Sabah): In October 2024 Vestigo was awarded a Small-Field PSC for the Nosong–Bongawan North–Epidot (NBE) gas cluster off Sabah. This marked the first award under Malaysia’s new bid round for small fields, targeting largely gas discoveries.

• PM335 “Larut” (Terengganu): A mature oil field (late-life asset) under a special production contract. Vestigo recently drilled five infill wells here, achieving first oil from the Larut development on 10 June 2023.

• Other Projects: In 2021 Vestigo signed Malaysia’s first Small Field Arrangement PSC (for the onshore SE Collins field). The company also holds a 20% working interest in the Ophir oilfield development (offshore Peninsular Malaysia), partnering with Octanex (50%) and Scomi (30%).

These assets underline Vestigo’s niche: clusters of small deposits that require tailored development plans and cost-control. Each project is pursued under a contract (PSC, SFA or RSC) with PETRONAS, often in collaboration with other operators or service companies.

Strategy and Focus

Vestigo’s strategic goal is to extract value from resources “that others cannot” – i.e. stranded or marginal fields – while maintaining strict cost discipline. Its mission emphasizes operating “lean” and high-performing teams to produce hydrocarbons profitably and safely. Key elements of Vestigo’s approach include:

• Cost‑effectiveness: The company standardizes well designs and operations, drives efficiencies (e.g. modular platforms, batch drilling), and closely manages budgets. This low-cost focus is seen as essential for marginal fields.

• Technology & Innovation: Vestigo has a track record of adopting advanced technologies. For example, it monitors field performance using downhole gauges and digital tools, and explores novel development methods. In 2023 it piloted Malaysia’s first 300‑mpbs virtual fiber-optic link to tie multiple platforms together, and deployed a methanol fuel-cell power module on an FPSO to reduce emissions.

• Safety & Sustainability: The company maintains a strong safety and environmental record. Vestigo reported no lost-time incidents on its operations, and in 2022 it cut greenhouse-gas emissions to roughly half of its original target. Its corporate vision explicitly links marginal-field development to “sustainable energy of future generations”, aligning with Petronas’s broader net-zero goals.

• Growth & Capability Building: Vestigo is building a “niche technical and executional capability” in small-field development. This know-how is seen as a platform for future growth, potentially extending to overseas marginal-field opportunities.

Partnerships and Alliances

Vestigo collaborates widely across the industry and government to fulfill its mission:

• PETRONAS Group: Vestigo is 100% owned by Petronas Carigali and executes contracts awarded by Petronas. For example, it entered into Production Sharing Contracts and service agreements (e.g. for SE Collins and Berantai) directly with PETRONAS units.

• Industry Partners: It participates in joint ventures for certain fields. Notably, Vestigo holds a 20% stake in the Ophir Production Sdn Bhd venture (Ophir oilfield), alongside Octanex (50%) and Scomi D&P (30%). The company also works closely with contractors and service providers (rig contractors, fabrication yards, subsea specialists) to execute field developments efficiently.

• Government & Local Stakeholders: In Sabah, for example, state authorities have backed Vestigo’s NBE gas project to encourage local industry participation. Vestigo aligns its activities with national policies on rural development and content.

Through these partnerships, Vestigo leverages external technical expertise and financing while serving as Petronas’s vehicle for marginal fields.

Recent Developments and Innovation

Vestigo has marked several milestones in the past few years:

• New Contracts: In Oct 2024 Vestigo was awarded the NBE small‑field PSC for Sabah’s gas cluster. In 2021 it executed Malaysia’s first Small Field Arrangement PSC (SE Collins).

• Production Achievements: The company started production on multiple fronts. It brought Berantai East onstream (first gas June 2021) and resumed oil output at Tembikai later in 2021. In 2023 Vestigo drilled 5 wells on Larut (PM335) and achieved first oil by June. It also completed the Kalung Emas‑1 exploration well in SK315 (April 2023) and declared it a discovery.

• Technological Innovation: Vestigo has been a pioneer of offshore techniques. In 2023 it performed Malaysia’s first diver-less cofferdam hull repair on the Berantai FPSO – a world‑class project that cut repair costs by ~50% and eliminated hazardous diving operations. Simultaneously, it piloted a virtual fiber-optic communications link and a methanol fuel-cell power system on FPSO facilities to improve efficiency and reduce emissions. These initiatives underscore Vestigo’s focus on “rapid, innovative” solutions.

• Awards & Recognition: The company’s performance has earned industry accolades. At the Malaysian Upstream Awards 2023, Vestigo won a Diamond “PAC of the Year” award (among others) for excellence in project delivery and compliance. Its leadership in ESG and safety has also been noted (e.g. national Malaysianisation award in 2022).

Overall, Vestigo’s recent trajectory demonstrates its strategic emphasis on unlocking small-field reserves through efficient operations and cutting-edge methods, in line with Petronas’s broader goals of maximizing national resources and pursuing sustainable offshore energy development