UK-listed EnQuest is set to take over two mature upstream assets off Peninsular Malaysia from US supermajor ExxonMobil, under a new production sharing contract with Malaysia’s state-owned Petronas Carigali.
EnQuest is close to concluding with Petronas Carigali a 50:50 PSC lasting for up to 30 years for the Seligi field and Block PM-8 held by ExxonMobil, sources said.
The PSC deal, likely to be unveiled imminently, is expected to involve brownfield work including in-fill drilling and modification or upgrade of existing production platforms in its early days.
The PSC also comes after the UK-listed independent bagged its first risk service contract in Malaysia for the Tanjung Baram field from Petronas.
Read more details in Friday's edition of Upstream.