Petronas denies sale talks for gas block offshore Sarawak

Following media reports that Petronas is selling part of its stake in the SK316 offshore gas block in Malaysia’s Sarawak state, the Malaysian state-owned giant has denied the sale talks and deemed the reports as “misleading and misinformed.” 

Reuters recently reported that the company was considering the sale of up to 49% of its stake in the gas block for $1 billion as part of its efforts to raise cash and cut development costs.

Thailand’s PTT, a parent company of PTT Exploration and Production (PTTEP), was reportedly interested in buying the stake from Petronas.

According to Petronas’ statement on Wednesday, Block SK316 contains large scale proven gas discoveries and exploration prospects with some of them containing relatively higher levels of carbon dioxide (CO2) content and its exploration and development will require specific technologies and capability to address the CO2 to sustain the production of clean energy.

Petronas explained that it is interested to explore the latest technologies for application in the SK316 block with experienced E&P technology partner or partners. As part of this effort, the company has 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 maximize the value of this important project,” Petronas concluded.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply