Petronas and ExxonMobil tie the knot
Malaysian state-run producer Petronas has signed an initial pact with US
supermajor ExxonMobil, paving the way for a renewed production-sharing deal
for seven offshore Malaysian oilfields, Petronas said today.
The initial agreement covers the principles of a new production-sharing deal
that would require the two companies to spend at least another $2.1 billion
on further developing the fields, Reuters quoted Petronas saying in a
statement.
"The two partners have been involved in the exploration, development and
production activities in the seven fields under a production-sharing
contract signed with Petronas in 1995 which is due to expire in March 2012,"
it added.
Meanwhile, ExxonMobil issued a release saying that the new 25-year deal
includes enhanced oil recovery work and major investments to continue
conventional oil development.
ExxonMobil executive Liam Mallon said: "This is an exciting opportunity
for the Malaysian workforce and will enable the latest technology
applications, capability and collaboration to ensure efficient development
of the substantial remaining resources offshore peninsular Malaysia."
26 March 2008 10:04 GMT
| last updated:
26 March 2008 10:45 GMT
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