The move is a stepping stone for the Malaysian state oil company into China’s upstream oil and gas sector. Sources said Petronas and Hess are sorting out legal issues involved in the transfer of 30% out of a 49% operating interest Hess holds in the Malang block of Santanghu basin in China’s northwestern Xinjiang region.
In the PSC signed with PetroChina in July last year, Hess committed to a number of exploration obligations over three years on the acreage, which is widely reported as shale oil play although some geological sources describe it as a tight oil play.
Before
