SIP Group diversified into Exploration and Production in 2006 with the vision to be a South East Asia regional E&P company. The Group has been directly involved in projects in India, Indonesia and Malaysia.
SIP Group has been active in Indonesia since 2007 and has a proven record as a Production Sharing Contractor (PSC) having operated the onshore and offshore Ujong Kulon Block, South West of Java Island for 10 years. The Ujong Kulon activities included successfully drilling an exploration well and fulfilling all the work commitments, making SIP Group a reliable "Standalone Operator".
SIP Group obtained its first interests in a Malaysian PSC in 2014 when it took strategic interests in the SB 331 and SB 332 Onshore Blocks. The Operator, Sapura Energy Bhd., is currently active in exploring for hydrocarbons in the blocks.
In 2014, SIP acquired a 20% equity interest in OCTANEX N.L.. Octanex is a listed Australian Oil & Gas company which is expanding into SE Asian production activities in addition to its existing portfolio of exploration and appraisal interests offshore Western Australia. Octanex's assets include a 50% interest in the Ophir Risk Service Contract, off Peninsular Malaysia, via its equity interest in Ophir Production Sdn. Bhd. First production is expected from the Ophir Field in the third quarter of 2017 via a Well Head Platform and a Floating Production, Storage and Offloading vessel.
SIP's long term vision is to strategically focus on expanding and acquiring development and producing assets, particularly in Malaysia but also in Indonesia where the Group has a long working relationship with the host government.