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Petra ramps up upstream ambitions

Petra ramps up upstream ambitions
Kuala Lumpur: Malaysian offshore services provider Petra Energy Bhd is gearing up for its expansion into the upstream oil and gas sector with a planned rights issue expected to raise between MYR102.1m ($32.8m) and MYR123.3m.

The company said in a stock maket announcement that it will use MYR100m of the proceeds, to fund its expansion into upstream oil and gas through its 30% owned Coastal Energy KBM Sdn Bhd.

Petra last year sealed a deal with Coastal Energy to subscribe to a 30% stake in the Kapal, Banang and Meranti fields risk service contract.

TAGS: Offshore