Last Wednesday, international news agencies reported that ExxonMobil was considering the sale of its upstream offshore assets in Malaysia for between US$2 billion and US$3 billion. The oil major has three production-sharing contracts (PSCs) in Malaysia through ExxonMobil Exploration & Production Malaysia Inc (EMEPMI), which at one time accounted for almost a third of the country’s oil and gas production. In June 2014, EMEPMI sold its interest in the Seligi oilfield and the PM8 PSC to EQ Petroleum Production Malaysia Ltd, a wholly-owned subsidiary of EnQuest plc. PM5 comprises the Larut oilfield while Gas PSC includes Angsi, Lawit, Bintang, Damar, Telok and Jerneh. ExxonMobil produced about 271,000 boepd in the Permian Basin and targets to produce one million boepd in the region by 2024.

Source: The Edge Markets October 22, 2019 10:52 UTC