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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Thai PTTEP in talks with Petronas on JDA field

PTTEP

BANGKOK Feb 7 (Reuters) - Thailand's PTT Exploration and Production Pcl (PTTE.BK: Quote) said on Monday it was in talks with Malaysia's Petronas [PETR.UL] about exploring for more gas at the Malaysia-Thai Joint Developping Area (JDA) in the Gulf of Thailand.

The move is aimed at meeting rising natural gas demand in Thailand and reducing dependence on oil imports after a surge in crude oil prices, Chief Executive Anon Sirisaengtaksin told reporters.

"PTTEP is planning to produce petroleum in the Gulf of Thailand as long as we can. Some may expect natural gas to be exhausted in the next 20 years. With new technology, we expect to extend the production period to be longer than that," he said.

PTTEP, a subsidiary of top energy firm PTT Pcl (PTT.BK: Quote), has joined with Petronas Carigali, the exploration and production arm of the national oil firm, to explore and produce gas at two blocks at JDA, B-17 and C-19, Anon said.

Last year, the JDA field produced about 335 million cubic feet per day, accounting for 10 percent of Thailand's domestic consumption, he said.

PTTEP has set budget of up to 20 billion baht ($649.6 million) to explore gas at its developing oil and gas fields, including JDA, but had not concluded the talks or agreed details on the proposal with Petronas, he said.

At 0737 GMT, PTTEP shares were down 0.5 percent at 177 baht, in line with a 0.5 percent fall of the broad market .SETI. ($1= 80.79 Baht  
- Reuters 

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