Malaysia-based MISC Berhad (MISC) enters into Brunei’s offshore oil and gas market with a 12-year charter contract for its floating production unit (FPU).

MISC has secured a contract, through an international competitive bidding, after receiving a letter of award from PETRONAS Carigali Brunei (PCBL) for the lease, operation, and maintenance of the floating production unit for a natural gas development project in Brunei.

The charter runs for 12 years, with PCBL holding the right to extend for up to three additional one-year periods.

The FPU will be deployed offshore Brunei and is expected to support long-term feedstock supply for Brunei’s liquefied natural gas sector, contributing to national revenue and energy security.

According to the company, the FPU is designed with a production and processing capacity of 450 million standard cubic feet of gas per day and 1,170 barrels of condensate per day, along with storage capacity of 300,000 barrels.

“This project is a significant milestone for MISC as it marks our entry into Brunei’s offshore market,” said Zahid Osman, president and group chief executive officer of MISC.