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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:

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