SINGAPORE (Dec 18): Three years after GSS Energy changed its name from Giken Sakata, the company is finally poised to generate revenue from oil, as its name suggests. Thus far, its earnings have come from its historical precision engineering business, which has funded the forays into oil.
On Dec 13, GSS announced it had performed enough tests and amassed sufficient data at its Trembul oilfield in Central Java. With that, the company is ready to start commercial production in various stages this coming year. “We now have a clear roadmap on how we will continue to develop this field and maximise its monetisation,” says group CEO Sydney Yeung in an interview with The Edge Singapore.
GSS also says it is likely to be able to extract both gas and oil. “At the very beginning, we only expected this to be more of an oil programme. We can now confirm that there’s gas that we can commercialise, which we can take advantage of,” Yeung says.