Petronas is looking to divest its stakes in five oilfields offshore Vietnam for a total of US$300 million. According to a Reuters report, the Malaysia-based firm wants to sell off its aging and less productive fields, and invest in more lucrative assets. The decision follows Petronas’ recent involvement in the North American shale boom and further development of Malaysian oil and gas fields.
Earlier this month, Petronas reached the final investment decision (FID) for its second FLNG facility project, off the coast of Sabah in Malaysia. In January, the company announced a new gas discovery offshore Malaysia and the award of a three-year integrated offshore installation contract. The contract, worth about US$3.1 billion, involves the transportation and installation for offshore facilities and includes all the necessary services required for the execution of the scopes such as marine spread services, required tools, specialized equipment and manpower services.
Once operational, Petronas’ FLNG1 and FLNG2 facilities are expected to change the landscape of the LNG business where the liquefaction, production and offloading processes of LNG -- previously only possible at onshore plants – will now be able to be carried out hundreds of kilometers away from land and closer to the offshore gas fields.
A Reuters source said that Bank of America Merrill Lynch has been appointed to find buyers for the fields in Vietnam.
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