Tuesday, June 6, 2017

Energy Majors Eye A $1B Stake In Malaysian NatGas Asset

Energy Majors Eye A $1B Stake In Malaysian NatGas Asset

Malaysia's state oil firm Petronas has pushed a plan to sell a US$1-billion
stake in a local offshore gas project to the next round of bidding expected
to attract international majors including Shell and ExxonMobil, Reuters
reported on Monday, citing four people familiar with the plan.

Back in February, Petronas was reportedly planning on selling an up to
49-percent stake in the SK316 offshore gas block in the Sarawak state. A
portion of the funds earned from the new sale could be set aside for the
future of the Kasawari field, which government estimates say could hold
three trillion cubic feet of recoverable hydrocarbons.

Now the asset stake sale, in its second round, is expected to lure half a
dozen bidders, including Shell and Exxon, Reuters' sources said.

According to two of the sources, bidders would be expected to file financial
bids in June, with the final decision on the winner expected later this
year.

France's Total SA, Thailand's PTT Exploration and Production PCL, and some
Japanese companies are also reportedly willing to bid for the offshore gas
project, Reuters' sources said.

Back in April, Petronas said, referring to media reports about its plans for
the SK316 block:

"PETRONAS is interested to explore the latest state-of-the-art technologies
for application in the SK316 block with experienced E&P technology partner
or partners. As part of this effort, we have invited proposals from selected
E&P players to find the right partner(s) with the required capability and
solutions. We will be critically evaluating the proposals to maximise the
value of this important project."

Petronas said on Friday that its Q1 2017 after-tax profit more than doubled
compared to the same period last year, due to higher realized prices and
lower net impairment on assets. The company, however, kept a conservative
outlook for the rest of 2017, as "supply and demand balances are still slow
to return to a sustained equilibrium."

Petronas will be focusing on group-wide efforts to optimize costs and
improve efficiency through strategic collaborations within the industry, it
noted.

--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

Link to Original Article:
http://oilprice.com/Latest-Energy-News/World-News/Energy-Majors-Eye-A-1B-Sta
ke-In-Malaysian-NatGas-Asset.html


--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---

John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.