Petronas has approved the revised field development plan (FDP) for the Ophir oilfield in offshore Peninsular Malaysia.

The field is being developed under a risk service contract (RSC) that was granted in 2014 to Ophir Production (OPSB), a joint venture company.

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Partners in the joint venture include Australian company Octanex NL, Scomi Energy Services and Petronas subsidiary Vestigo Petroleum.

"The revised project plan enhances the economic potential of the Ophir development, reflecting the reduced costs offered by the current low oil price environment."

The company plans to develop the Ophir oilfield through three production wells, a well head platform (WHP), as well as leased floating production storage and offload (FPSO) vessel.

Octanex said its share of the Ophir project is funded completely through OPSB’s project financing of 75% and its strategic alliance and funding arrangements with Malaysia’s Sabah International Petroleum (SIP).

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SIP is wholly owned by Sabah Development Bank Berhad (SDB).

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Octanex COO Rae Clark said: "This is a significant milestone for Octanex representing the successful culmination of a two year effort at repositioning Octanex as a future oil producer.

"The revised project plan enhances the economic potential of the Ophir development, reflecting the reduced costs offered by the current low oil price environment."

Octanex holds a 50% interest in OPSB while Scomi holds 30% interest and Vestigo owns 20% stake.