Petra Energy in strategic alliance with advanced well technologies

KUALA LUMPUR, Feb 12 (Bernama) Petra Energy Bhd, an integrated oil and gas brown field service provider, today signed a Memorandum of Understanding (MoU) with Advanced Well Technologies Pty Ltd (AWT) to form a joint venture to provide complete field development solutions for oil and gas majors in Malaysia and selected region in South East Asia and Asia-Pacific.AWT is an independent well engineering group based in Perth.The new joint venture company will seek to provide comprehensive field development planning and implementation of solutions by integrating all necessary project management, engineering and equipment services to existing and potential state-owned and private cliental.In a statement here today, Petra Energy said the new company will have an initial paid-up capital, not exceeding RM100,000 with Petra Energy holding 51 percent equity and AWT the remaining 49 percent.It will combine AWT's well construction and field development expertise with Petra Energy's extensive maintenance, procurement, fabrication, installation and production facility commissioning capabilities.Petra Energy's executive chairman Tengku Datuk Ibrahim Petra said the expansion into oil well activities to include field development and refurbishment services under Petra Energy's business scope was part of its expansion in sub-surface activities.For AWT, the new company represents a significant milestone in its move to enhance its position in Asia and support the Malaysian oil and gas engineering services sector.