Malaysia's KNM has signed a wide-ranging agreement with the National Oil Company of Chad (NOCC), which sets out the terms of cooperation for the development of the Sedigi oilfield.

According to Malaysian newspaper the Star, KNM completed a filing with Bursa Malaysia yesterday (July 30th) outlining the terms of the joint-venture development of the field, with the project given a lifespan of five years.

In addition to providing construction, operations and maintenance services, KNM will also be responsible for conducting oil training modules for workers in the field.

A final deal establishing the joint venture is expected to be completed on August 31st, KNM announced.

In May, KNM announced a record 82 per cent jump in net earnings for the first quarter of 2009 as it turnover climbed 58 per cent during the period.

The company told Bursa Malaysia that profits had been boosted by the acquisition of Borsig in mid-2008.

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