PETALING JAYA: Petronas Nasional Bhd (Petronas) on Wednesday signed a production sharing agreement with Exxon Mobil Corp to develop seven existing oil fields off Peninsular Malaysia.
According to newswire reports, the two companies agreed to spend at least US$2.1 billion to increase production and drilling activities.
The two companies would also rejuvenate the facilities as part of further development of the Seligi, Guntong, Tapis, Semangkok, Irong Barat, Tabu and Palas fields.
“The key objective of the production sharing contract is to meet Petronas and its partners’ aspiration to extract more from matured fields through enhanced oil recovery and to sustain the current production of the Tapis crude blend,” the national oil company said in a statement.
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