Royal Dutch Shell unit Sarawak Shell Bhd has transferred its 50 percent stake as operator of the MLNG Dua liquefied natural gas (LNG) plant to Malaysian state oil firm Petroliam Nasional Bhd (Petronas) , Petronas said on Aug. 21 Malaysian time.
The Petronas statement did not give further details or any value attached to the move.
Petronas' subsidiaries now wholly own the operator of the LNG producer in the Borneo state of Sarawak in Malaysia, according to a statement by Petronas. Shell operated MLNG Dua via a production sharing contract signed with Petronas since 1993.
Malaysia is the world's second-largest exporter of LNG, according to the U.S Energy Information Administration. LNG revenues made up some 2.7 percent of the Southeast Asia nation's gross domestic product, according to World Bank data.
Recommended Reading
On The Shelf: Strawn Wells an Independent Paradise or Graveyard?
2024-10-21 - Operators can’t depend on traditional solutions to succeed on the Eastern Shelf, where drilling horizontal Strawn wells has been a decade-long iterative process.
FTC Oks Chevron-Hess Deal, Bans John Hess from Board
2024-09-30 - Federal regulators signed off on a blockbuster tie-up between Chevron and Hess Corp. but banned CEO John Hess from sitting on the Chevron board.
Vivakor to Acquire Endeavor Crude Transport Cos. for $120MM
2024-09-25 - Vivakor said it is buying Endeavor Crude and related companies, which have a series of long-term strategic partnerships with customers in the Permian Basin, Eagle Ford Shale and the STACK play.
Bankers' Outlook for A&D: A Slow Unwinding of Asset Sales
2024-10-09 - Bankers from CrossFirst, Texas Capital, BOK Financial and Comerica say that after a sluggish season of asset level deals, divestitures will come from larger-scale M&A, but it will take time.
Talos Makes Discovery, Adds Prospect to Drilling Portfolio in GoM
2024-09-05 - Talos Energy Inc. made an oil and natural gas discovery at the Ewing Bank 953 well and entered into an agreement to began prospecting the Sebastian well in the Gulf of Mexico.