Latest news with #POC
The Star
4 days ago
- Business
- The Star
PETRONAS Expands Deepwater Portfolio in Suriname with Block 66 PSC
PARAMARIBO: PETRONAS, through its wholly-owned subsidiary PETRONAS Suriname E&P B.V. ("PSEPBV'), has signed a Production Sharing Contract (PSC) for Block 66, located in the deepwater region offshore Suriname. The agreement was signed with Staatsolie Maatschappij Suriname N.V. and Paradise Oil Company N.V. (POC), a wholly-owned subsidiary of Staatsolie. Under the PSC, PETRONAS holds the operatorship with 80 per cent participating interest, while POC holds the remaining 20 per cent. Spanning approximately 3,390 square kilometres, Block 66 lies directly adjacent to Block 52 in the deepwater region offshore Suriname, where PETRONAS has recorded a series of exploration and appraisal successes. Building on this strong foundation, PETRONAS is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area. The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with PETRONAS' existing operations in Suriname. The signing ceremony took place during the Suriname Energy Oil and Gas Summit and Exhibition with PETRONAS represented by its Vice President of International Assets of Upstream, Mohd Redhani Abdul Rahman. Meanwhile, Staatsolie Maatschappij Suriname N.V. was represented by its Managing Director Annand Jagesar, and POC by its Director Rekha Bissumbhar. Mohd Redhani said, "This acquisition marks a pivotal step in PETRONAS' expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning with our strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation. With its prime location and significant resource potential, Block 66 complements PETRONAS' existing deepwater portfolio. "We look forward to advancing our partnership with Staatsolie to unlock new energy opportunities together,' he added. The agreement also reflects PETRONAS' commitment to responsible energy development, with built-in provisions supporting domestic workforce participation, as well as social investment in a sustainable way-ensuring alignment with Suriname's national development goals. This latest addition brings PETRONAS' offshore interest in Suriname to six blocks, strengthening its position in the country following four discoveries to date. - Bernama
Borneo Post
4 days ago
- Business
- Borneo Post
Petronas expands deepwater portfolio in Suriname with block 66 PSC
Spanning approximately 3,390 square kilometres, Block 66 lies directly adjacent to Block 52 in the deepwater region offshore Suriname, where Petronas has recorded a series of exploration and appraisal successes. –Bernama photo KUALA LUMPUR (June 18): Petroliam Nasional Bhd (Petronas), through its wholly-owned subsidiary Petronas Suriname E&P BV (PSEPBV), has signed a production sharing contract (PSC) for Block 66, located in the deepwater region offshore Suriname. The agreement was signed with Staatsolie Maatschappij Suriname NV and Paradise Oil Company NV (POC), a wholly-owned subsidiary of Staatsolie. Under the PSC, Petronas holds the operatorship with 80 per cent participating interest, while POC holds the remaining 20 per cent. Spanning approximately 3,390 square kilometres, Block 66 lies directly adjacent to Block 52 in the deepwater region offshore Suriname, where Petronas has recorded a series of exploration and appraisal successes. Building on this strong foundation, the oil and gas firm is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area. The PSC includes a firm commitment to drill two exploration wells, targeting drill-ready prospects that offer significant resource potential and are strategically positioned to unlock synergies with Petronas' existing operations in Suriname. The signing ceremony took place during the Suriname Energy Oil and Gas Summit and Exhibition with Petronas represented by its vice president of international assets of upstream, Mohd Redhani Abdul Rahman. Meanwhile, Staatsolie Maatschappij Suriname NV was represented by its managing director Annand Jagesar, and POC by its director Rekha Bissumbhar. Mohd Redhani said, 'This acquisition marks a pivotal step in Petronas' expansion into the prolific Suriname-Guyana hydrocarbon basin, aligning with our strategy to unlock high-value, high-potential assets and deliver long-term value through global partnerships and deepwater innovation. 'With its prime location and significant resource potential, Block 66 complements Petronas' existing deepwater portfolio. We look forward to advancing our partnership with Staatsolie to unlock new energy opportunities together,' he added. The agreement also reflects Petronas' commitment to responsible energy development, with built-in provisions supporting domestic workforce participation, as well as social investment in a sustainable way—ensuring alignment with Suriname's national development goals. This latest addition brings Petronas' offshore interest in Suriname to six blocks, strengthening its position in the country following four discoveries to date. oil and gas Petronas Petronas Suriname E&P BV
Barnama
4 days ago
- Business
- Barnama
PETRONAS Expands Deepwater Portfolio in Suriname with Block 66 PSC
PARAMARIBO, June 18 (Bernama) -- PETRONAS, through its wholly-owned subsidiary PETRONAS Suriname E&P B.V. ('PSEPBV'), has signed a Production Sharing Contract (PSC) for Block 66, located in the deepwater region offshore Suriname. The agreement was signed with Staatsolie Maatschappij Suriname N.V. and Paradise Oil Company N.V. (POC), a wholly-owned subsidiary of Staatsolie. Under the PSC, PETRONAS holds the operatorship with 80 per cent participating interest, while POC holds the remaining 20 per cent. Spanning approximately 3,390 square kilometres, Block 66 lies directly adjacent to Block 52 in the deepwater region offshore Suriname, where PETRONAS has recorded a series of exploration and appraisal successes. Building on this strong foundation, PETRONAS is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area.
Yahoo
10-06-2025
- Automotive
- Yahoo
Ford Pays Its Respects to a Classic, Yet Divisive, Muscle Car
Ford revisits the 'Fox body' Mustang. Plus, a bona fide Steam Deck rival and more. Every product is carefully selected by our editors. If you buy from a link, we may earn a commission. Learn more Welcome to 'Today in Gear,' your daily snapshot of the most important releases in style, watches, tech, motoring, fitness, home and the outdoors. Today in Gear: The most important news in the product world, independently curated by our editors. Catch up on other key releases across all the topics you care about. Learn More $350 at POC Learn More $3,550 at Rado $99 at End
Yahoo
05-06-2025
- Business
- Yahoo
Precision Optics Expands Facilities to Meet Growing Backlog
GARDNER, Mass. and LITTLETON, Mass., June 05, 2025 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (Nasdaq: POCI) (the "Company"), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, today announced it has made the strategic decision to move its corporate offices, including executive leadership, product development engineering, program management, human resources, business development and accounting, from Gardner, MA to Littleton, MA. The move allows for the consolidation of dedicated production capabilities at POC's existing facilities in Gardner to meet the Company's growing production backlog, which stood at an all-time high at the end of the most recent quarter. This new facility in Littleton, along with a new facility in South Portland, Maine, also allows POC access to a broader engineering talent pool to execute on the Company's ongoing product development pipeline. Joe Forkey, CEO of Precision Optics, commented. 'As our business has grown, it has become evident that we need to expand our production facilities in a cost-efficient manner to meet our growing backlog; and we need to access the best possible engineering talent that Massachusetts and Maine have to offer. Today's announcement accomplishes both of these objectives.' Effective August 1st, 2025, we expect the Company's new corporate headquarters will be 550 King St, Building A, Suite 100, Littleton, MA. About Precision Optics CorporationFounded in 1982, Precision Optics is a vertically integrated optics company primarily focused on leveraging its proprietary micro-optics, 3D imaging and digital imaging technologies to the healthcare and defense/aerospace industries by providing services ranging from new product concept through mass manufacture. Utilizing its leading-edge in-house design, prototype, regulatory and fabrication capabilities as well as its Ross Optical division's high volume world-wide sourcing, inspecting and production resources, the Company is able to design and manufacture next-generation product solutions to the most challenging customer requirements. Within healthcare, Precision Optics enables next generation medical device companies around the world to meet the increasing demands of the surgical community who require more enhanced and smaller imaging systems for minimally invasive surgery as well as 3D endoscopy systems to support the rapid proliferation of surgical robotic systems. In addition to these next generation applications, Precision Optics has supplied top tier medical device companies a wide variety of optical products for decades, including complex endocouplers and specialized endoscopes. The Company is also leveraging its technical proficiency in micro-optics to enable leading edge defense/aerospace applications which require the highest quality standards and the optimization of size, weight and power. For more information, please visit About Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of U.S. federal securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of the Company in light of their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on the Company as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the demand for the Company's products, global supply chains and economic activity in general and other risks and uncertainties identified in the Company's filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Company Contact: PRECISION OPTICS CORPORATION22 East BroadwayGardner, Massachusetts 01440-3338Telephone: 978-630-1800 Investor Contact:LYTHAM PARTNERS, LLCRobert BlumTelephone: 602-889-9700poci@ in to access your portfolio
