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Petronas Seeks Buyers for $1 bln Offshore Gas Project Stake

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Graphic for News Item: Petronas Seeks Buyers for $1 bln Offshore Gas Project Stake

Malaysia’s Petronas has pitched an estimated $1 billion stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell, ExxonMobil Corp, Thailand’s PTT Exploration and Production and Japanese firms, sources familiar with the matter said.

If successful, the deal could mark Petronas’ biggest upstream stake sale since oil prices started declining more than two years ago. Petronas is targeting lowering operating expenses, job cuts and project rollbacks to help it navigate through the low oil price environment.
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BSP finds oil in Lumut

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BRUNEI Shell Petroleum Company Sdn Bhd (BSP) has achieved an exciting new success in exploration as it made its first significant onshore discovery in 37 years with its Layang-Layang Well in the Lumut area.

The achievement was announced in a joint press statement yesterday by BSP and the Energy and Industry Department at the Prime Minister’s Office (EIDPMO).

The Layang-Layang oil and gas discovery is the first of its kind as it confirms a new geological concept called a Shale diapir trap which was interpreted from seismic data and Brunei field outcrop studies.

A Shale diapir is a large cavity injected with Shale under high subsurface pressure, and had never previously been considered as a valid trap mechanism for BSP until now. Read more