ExxonMobil has agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, exiting the country\u2019s upstream sector where it used to be a dominant producer, two sources with direct knowledge of the matter said.<\/p>\n
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, Malaysian media have reported, part of a shift in its strategy to focus on oil production in the Americas.<\/p>\n
Petronas has taken over operations of Exxon\u2019s assets, including the country\u2019s flagship Tapis oilfield in Terengganu which began production in 1978, three sources said. Exxon\u2019s staff would be transferred to Petronas as part of the deal, one of the sources said.<\/p>\n
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\u2019s crude oil and natural gas production.<\/p>\n
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.<\/p>\n
The combined operations produce about 15 per cent of Malaysia\u2019s crude oil and condensate of 600,000 barrels a day, and more than half of Peninsular Malaysia\u2019s natural gas of more than 2 billion cubic feet per day.<\/p>\n
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.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
ExxonMobil has agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, exiting the country\u2019s upstream sector where it used to be a dominant producer, two sources with direct knowledge of the matter said. The US major, which last year marked its 130th year in Malaysia, has been trying to sell […]<\/p>\n","protected":false},"author":13,"featured_media":39708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,249],"tags":[],"class_list":["post-39704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-world-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/39704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=39704"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/39704\/revisions"}],"predecessor-version":[{"id":39710,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/39704\/revisions\/39710"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/39708"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=39704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=39704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=39704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}