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Reuters

Exxon Mobil intends to transfer the operations of all assets of two production-sharing contracts in Malaysia to state energy company Petronas, Exxon Mobil said on Saturday.
It was reported on Friday that Exxon Mobil agreed to sell its Malaysian oil and gas assets to Petronas, citing two people with direct knowledge of the matter.
“This is not a sale and there will be no changes to EMEPMI’s working interest in the Production Sharing Contracts,” ExxonMobil Exploration and Production Malaysia Inc, or EMEPMI, said in a statement to Reuters.
“This does not impact our other businesses in Malaysia — we remain committed to conducting business here as we have for more than 130 years,” it added.
In a separate statement earlier Saturday, Petronas said Petronas Carigali Sdn Bhd is engaged in discussions with EMEPMI regarding the transfer of operations for two production-sharing contracts located offshore peninsular Malaysia.
“The discussions are subject to further agreements between both parties,” it said in response to a Reuters query. “Petronas Carigali remains committed to safe operations, as well as maintaining reliable and uninterrupted energy supply for our customers throughout the process.”
Malaysian media have reported that Exxon Mobil has been trying to sell its ageing upstream assets in the country since 2020.
The US major, has been trying to sell its ageing upstream assets in the country since 2020, Malaysian media have reported, part of a shift in its strategy to focus on oil production in the Americas.
Petronas has taken over operations of Exxon’s assets, including the country’s flagship Tapis oilfield in Terengganu which began production in 1978, three sources said.
Exxon’s staff would be transferred to Petronas as part of the deal, one of the sources said.
The terms of the deal were not immediately known.

In an article posted on its website dated November 12, 2023, Exxon said it remained a significant energy producer in Malaysia, contributing about 40 per cent and 50 per cent, respectively, to Peninsular Malaysia’s crude oil and natural gas production.
The company operates 35 oil and gas platforms in 12 fields offshore Terengganu, and has a working interest in another 10 platforms in five fields in the South China Sea.
The combined operations produce about 15 per cent of Malaysia’s crude oil and condensate of 600,000 barrels a day, and more than half of Peninsular Malaysia’s natural gas of more than 2 billion cubic feet per day.
Its last major investment in the country was in a US$2.5 billion enhanced oil recovery project at the Tapis field, which started up in late 2014.


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News

Asia

Southeast Asia

Exxon runs 35 oil and gas platforms in 12 fields offshore Terengganu, and has working interest in 10 platforms in the South China Sea


The US major, which last year marked its 130th year in Malaysia, has been trying to sell its ageing upstream assets in the country since 2020.


Energy

South China Sea