ExxonMobil Signs Long-Term Production Sharing Agreement With Petronas
Posted on: Thursday, 27 March 2008, 03:00 CDT
ExxonMobil Exploration and Production Malaysia and Petronas have signed a 25-year production sharing agreement to ensure sustainable energy supplies for Malaysia.
ExxonMobil said that the contract includes commitments to implement enhanced oil recovery activities and calls for major investments to continue conventional oil development.
The ExxonMobil subsidiary has reportedly invested more than $15 billion in Malaysia over the past 40 years. The company operates 43 platforms in 17 fields as one of Malaysia's major suppliers of crude oil and natural gas.
ExxonMobil's daily operated production in Malaysia is about 150,000 barrels of oil and approximately 1.2 billion cubic feet of natural gas.
Mark Albers, senior vice president of ExxonMobil, said: "We are proud of our partnership and collaboration with Petronas that have allowed us to develop and deliver energy supplies to help meet growing Malaysian and international energy needs."
Source: Datamonitor
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