• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 19 hours Oil prices going Up? NO!
  • 3 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 10 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 48 mins The Tony Seba report
  • 6 hours Kenya Eyes 200+ Oil Wells
  • 6 hours Are Electric Vehicles Really Better For The Environment?
  • 13 mins LNG Shortage on the Way
  • 1 day Oil prices going down
  • 2 days Could oil demand collapse rapidly? Yup, sure could.
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 15 hours Saudi Arabia turns to solar
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 3 hours Could Venezuela become a net oil importer?
  • 6 hours OPEC soap opera daily update
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
OPEC Meeting Could End Without Decision

OPEC Meeting Could End Without Decision

The current disunity in OPEC…

A Storm Is Brewing In The Southern Gas Corridor

A Storm Is Brewing In The Southern Gas Corridor

While Russia looks to circumvent…

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

Offshore

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.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News