Sumatec Resources Berhad was established in 1979 and evolved from a service provider of construction work in the oil and gas facilities to a diversified company engaging in the following types of services:
- Engineering & construction (oil & gas facilities)
- Supply & management of coastal marine oil transportation
- Supply & management of onshore drilling rigs & related equipments for oil & gas fields
- Exploration & development of marginal oil fields, surface facilities and pipelines
- Exploration & mining of base metals (gold, copper & iron etc)
SUMATEC has undertaken various specialized EPCC construction work involving:
- Oil & gas terminal/slugcatcher
- Oil / Bitumen refinery
- Tank farm
- Biofuel production facilities
- Brownfield / maintenance / debottlenecking / revamp & rejuvenating work
- Aviation fuel storage and distribution system
Since inception, Sumatec's business activities had expanded from South East Asia to Central Asia and African countries such as Sudan, Azerbaijan, Cameroon, Cambodia, Maldives, Singapore and Vietnam.
In 2011, SUMATEC teamed up with Markmore Energy (Labuan) Ltd. which offered the company an investment production sharing agreement at a gas condensate field near the Caspian Sea. A Joint Investment Agreement was signed with CaspiOilGas LLP (COG), the Concession Holder, and Markmore Energy (Labuan) Ltd. (owner of COG) to develop and extract hydrocarbon in the Rakushechnoye gas condensate field ("Rakushechnoye Field").
In January 2014, Sumatec started to produce its first oil from the field and commenced its workover campaign in April 2014.
The Rakuschechnoye Field is a 354.45 sq km gas condensate field located onshore next to the Caspian Sea within the Mangyshlak peninsular in the south-western Manghystau province, Kazakhstan.
The Rakuschechnoye Field is a 25-year oil and gas concession awarded to COG by the Ministry of Energy and Mineral Resources now known as Ministry of Oil and Gas Kazakhstan on August 26, 2000.
According to SRK Consulting (Australasia) Pty Ltd's assessment of the Rakuschechnoye's oil reserves, the field contains "proved plus probable" hydrocarbon reserves of 122.3 million barrels of oil equivalent. With the implementation of fast-track development programs, SUMATEC expects to achieve production level of 2,000 barrels per day (bblpd) within the first 12 months, and will plateau at 9,000 bbld by the third year of operations.
The restructuring exercise of SUMATEC involves the raising of RM453 million from the capital market to pay for the existing facilities in the Rakuschechnoye Field as well as working capital. Through this exercise, SUMATEC enters into a new business era by concentrating its resources in the commercial development and production of oil and gas in Kazakhstan.