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2014-06-13 21:05:00

EXXON SELLS MALAYSIA

EXXON SELLS MALAYSIA

British independent oil producer EnQuest has agreed to take over ExxonMobil's share in the Malaysian Seligi oil field and the associated production sharing contract.

The acquisition, which is subject to regulator approval, will give EnQuest a 50 percent stake in the field which it will start operating once the deal is completed.

Malaysia's Petronas will retain the other 50 percent.

The Seligi oil field, EnQuest's third Malaysian project, will boost the company's net production by around 5,000 barrels of oil equivalent per day and add 11 million barrels of oil equivalent to its net reserves.

"This acquisition follows from our recent partnership with Petronas on the Tanjong Baram field and is a significant expansion to our Malaysian operation," said EnQuest chief executive Amjad Bseisu.

reuters.com

Tags: MALAYSIA, EXXON, OIL

Chronicle:

EXXON SELLS MALAYSIA
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

EXXON SELLS MALAYSIA
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

EXXON SELLS MALAYSIA
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

EXXON SELLS MALAYSIA
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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