SHELL AND EXXONMOBIL TO INVEST OVER RM15 BILLION

PUTRAJAYA — Two global oil majors have plans to invest over RM15 billion in oil and gas assets in Malaysia the prime minister announced today.

 

ExxonMobil Exploration and Production Malaysia, a subsidiary of Exxon Mobil Corporation in conjuction with its Production Sharing Contract (PSC) partner Petronas Carigali plans to invest RM10 billion in new oil and gas assets.

Shell Malaysia meanwhile will invest RM5.1 billion to upgrade, expand and build new facilities in upstream and downstream activities.

Under the terms of the recently executed 2008 PSC with Petronas, the ExxonMobil investments will be made to rejuvenate mature facilities and undertake enhanced oil recovery activities in the Tapis field.

The Telok project meanwhile is being developed on a gas production sharing basis and is expected to supply the power and industrial sectors.

ExxonMobil expects the projects to start as early as 2013.

“These projects will enable ExxonMobil to continue its long term commitment to building Malaysian human capital,” said Mr Hugh Thompson, chairman of ExxonMobil subsidiaries in Malaysia.

Shell’s projects will include the expansion of the MDS wax plant in Bintulu, a new diesel processing unit at the Shell refinery in Port Dickson and the Gumusut deepwater development offshore Sabah.

“Malaysia is one of our heartlands and we have been investing throughout the business cycles,” said Mohd Anuar Taib, chairman of Shell Malaysia. 

-Malaysian Insider- 


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