Handal Resources Berhad (HRB), a Malaysian-based company which provides integrated offshore crane services, announced that they have executed a collaboration agreement with MEO Australia Limited, on 2 July 2013, in order to pursue and then possibly enter into a Risk Service Contract agreement with PETRONAS.
Under the agreement the two companies will aim to benefit from each others expertise in the area of marginal oil and gas field development.
HRB will be responsible to provide its expertise in providing local knowledge of upstream activities, while MEO, an independent Australian-based oil and gas company, will be responsible for providing its expertise in exploration, appraisal, development and production aspects.
HRB and MEO have further agreed to establish a consortium under the Project where the shareholding and profit sharing ratio will be agreed in writing at a later date.
The rationale for the collaboration is to tap the expertise that is already available at MEO and to enhance the business opportunities of the HRB Group into the related oil and gas ventures.
[mappress]
July 4, 2013