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

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