While the Elders look for Jho Low and "his" 1MDB money all over the world, the Lows continue to make money from Petronas
by Ganesh Sahathevan
https://www.1derrick.com/coastal-signs-kbm-cluster-contract-with-petronas/3443/
According to recent reports:
The newly set up council of eminent persons meant business and wasted no time as they convened their first meeting soon after the announcement of its formation by Prime Minister Dr Mahathir Mohamed.
Chaired by former finance minister Daim Zainuddin, the meeting, which went late into the night, was also attended by three other members of the team, namely former Bank Negara Malaysia governor Zeti Akhtar Aziz, former Petronas president and CEO Mohd Hassan Marican and economist Jomo Kwame Sundaram.
“As for 1MDB, there will a special taskforce, I have identified those who can assist the probe into 1MDB. It would be under the purview of the team which will submit the report to the government,” Daim said.
AND
The newly set-up special task force to probe the 1Malaysia Development Berhad (1MDB) scandal will convene its first meeting tomorrow.
This was confirmed by former Attorney-General (AG) Abdul Gani Patail, one of the task force’s joint chiefs.
“We will meet tomorrow. We’ll talk to you guys, then,” he told reporters before leaving Ilham Tower here today.
The Prime Minister’s Office (PMO), in a statement earlier today, announced the formation of the 1MDB Investigation Task Force to carry out detailed investigations, detection and seizure of assets, as well as prosecution against individuals who committed any criminal offence in the management of 1MDB.
The task force will comprise personnel from the Malaysian Anti-Corruption Commission (MACC), Attorney-General’s Chambers, police, Bank Negara Malaysia, as well as several lawyers with expertise in the matters involved.
Besides Gani, the task force is jointly led by former MACC chief commissioner Abu Kassim Mohamed, former deputy director of Bukit Aman Special Branch Abdul Hamid Bador and new MACC Chief Commissioner Mohd Shukri Abdull.
In July 2012, Coastal entered into a Small Field Risk Service Contract ("RSC") with Petroliam Nasional Berhad ("PETRONAS") for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields (the "KBM Cluster") offshore Peninsular Malaysia. Coastal is the operator of the KBM Cluster fields and intends to hold a 70% equity interest alongside a 30% interest local partner.
Pursuant to the RSC, Coastal provides the upfront development capital and undertakes the development drilling and production of the KBM Cluster in exchange for a remuneration fee and recovery of costs, while PETRONAS remains the owner of the project.
The KBM Cluster fields are located within 20 kilometers of each other in a water depth of 60 meters. The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 feet to 7,800 feet. In addition to the development program, the Company intends to conduct appraisal and step-out drilling to exploit further upside it sees in the properties.
https://www.1derrick.com/coastal-signs-kbm-cluster-contract-with-petronas/3443/
According to recent reports:
The newly set up council of eminent persons meant business and wasted no time as they convened their first meeting soon after the announcement of its formation by Prime Minister Dr Mahathir Mohamed.
Chaired by former finance minister Daim Zainuddin, the meeting, which went late into the night, was also attended by three other members of the team, namely former Bank Negara Malaysia governor Zeti Akhtar Aziz, former Petronas president and CEO Mohd Hassan Marican and economist Jomo Kwame Sundaram.
“As for 1MDB, there will a special taskforce, I have identified those who can assist the probe into 1MDB. It would be under the purview of the team which will submit the report to the government,” Daim said.
AND
The newly set-up special task force to probe the 1Malaysia Development Berhad (1MDB) scandal will convene its first meeting tomorrow.
This was confirmed by former Attorney-General (AG) Abdul Gani Patail, one of the task force’s joint chiefs.
“We will meet tomorrow. We’ll talk to you guys, then,” he told reporters before leaving Ilham Tower here today.
The Prime Minister’s Office (PMO), in a statement earlier today, announced the formation of the 1MDB Investigation Task Force to carry out detailed investigations, detection and seizure of assets, as well as prosecution against individuals who committed any criminal offence in the management of 1MDB.
The task force will comprise personnel from the Malaysian Anti-Corruption Commission (MACC), Attorney-General’s Chambers, police, Bank Negara Malaysia, as well as several lawyers with expertise in the matters involved.
Besides Gani, the task force is jointly led by former MACC chief commissioner Abu Kassim Mohamed, former deputy director of Bukit Aman Special Branch Abdul Hamid Bador and new MACC Chief Commissioner Mohd Shukri Abdull.
- click above for enlarged field view
In July 2012, Coastal entered into a Small Field Risk Service Contract ("RSC") with Petroliam Nasional Berhad ("PETRONAS") for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields (the "KBM Cluster") offshore Peninsular Malaysia. Coastal is the operator of the KBM Cluster fields and intends to hold a 70% equity interest alongside a 30% interest local partner.
Pursuant to the RSC, Coastal provides the upfront development capital and undertakes the development drilling and production of the KBM Cluster in exchange for a remuneration fee and recovery of costs, while PETRONAS remains the owner of the project.
The KBM Cluster fields are located within 20 kilometers of each other in a water depth of 60 meters. The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 feet to 7,800 feet. In addition to the development program, the Company intends to conduct appraisal and step-out drilling to exploit further upside it sees in the properties.
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