Offshore Oil & Gas Future Development

PETRONAS, through its wholly owned subsidiary, PETRONAS Carigali Overseas Sdn Bhd (PCOSB), has signed a Sale and Purchase Agreement with Lundin Sudan BV, a wholly owned subsidiary of Lundin Petroleum AB (Lundin) for the sale of Lundin’s 40.375 per cent participating interest in Block 5A, Sudan.The cash consideration payable at completion of the transaction will be US$142.5 million. Completion of the transaction is subject to various conditions including the approval from the Government of Sudan and the partners and is expected to occur within 60 days.

Following the transaction, PCOSB’s interest in Block 5A will increase from 28.5 per cent to 68.875 per cent, while OMV (Sudan) Exploration GmbH maintains its share of 26.125 per cent and Sudan’s national oil company (Sudapet), five per cent. (more…)

PETRONAS, through its wholly owned subsidiary, PETRONAS Carigali Overseas Sdn Bhd (PCOSB), has signed a Sale and Purchase Agreement with Lundin Sudan BV, a wholly owned subsidiary of Lundin Petroleum AB (Lundin) for the sale of Lundin’s 40.375 per cent participating interest in Block 5A, Sudan.

The cash consideration payable at completion of the transaction will be US$142.5 million. Completion of the transaction is subject to various conditions including the approval from the Government of Sudan and the partners and is expected to occur within 60 days. (more…)

PETRONAS, through its technical arm PETRONAS Technical Services Sdn Bhd (PTS), has appointed Motosikal Dan Enjin Nasional Sdn Bhd (MODENAS) the local assembler of the road version of its PETRONAS FP1 superbikes.

MODENAS, which is based in Gurun, Kedah, will assemble 75 units of the road-going FP1, Malaysia’s first superbike. The national motorcycle manufacturer will also manage all other related elements essential for the successful production of the super bikes. Assembly work for the 75 units of the FP1 has already started and is expected to be completed in July. (more…)

PETRONAS today signed an agreement for the acquisition of a 50% working interest and joint operatorship of the West Delta Deep Marine (WDDM) concession, offshore Egypt and a 35% interest in the Egyptian LNG (ELNG) Project from Edison S.p.A of Italy for a total consideration of approximately Euro 1,600 million.The acquisition positions PETRONAS as one of the leading investors in the North African gas business and paves the entry of PETRONAS into the Atlantic Basin Liquefied Natural Gas (LNG) market. Coupled with its already strong position in the LNG market of North Asia, the acquisition effectively transforms PETRONAS into one of the leading players in the global LNG industry.

The upstream assets in the WDDM concession include 13.6 trillion cubic feet (TCF) of 2P gas reserves in nine discovered fields, giving PETRONAS 6.8 TCF of net 2P reserves with its 50% acquisition in the WDDM concession. Gas produced from the WDDM concession is being supplied to Egypt’s fast growing domestic market and the ELNG project. The remaining 50% working interest and joint operatorship of the WDDM concession is held by British Gas Group (BG Group). BG Group together with Edison was awarded the concession by the Egyptian Government in 1995. (more…)