Malaysian national oil company Petronas has again cancelled an attempt to secure a floating production, storage and offloading vessel for the Limbayong project which was to be its first deep-water oilfield development in its home country.

Multiple market sources in Kuala Lumpur said Petronas had decided the economics of the project did not stack up given the field is not especially large and the expected production rates were not high enough to warrant a stand-alone development.