Offshore staff
KUALA LUMPUR, Malaysia -- ExxonMobil Exploration and Production Malaysia Inc. and the Malaysian national oil company, Petronas, will continue to work together under a new 25-year production sharing contract.
At the signing ceremony today covering the main principles agreement for the new contract, Mark Albers, senior vice president, ExxonMobil Corp., 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.
"This agreement will let our partnership continue to grow and enable the use of ExxonMobil world-class technologies and project execution capabilities to efficiently develop the substantial petroleum resources offshore Peninsular Malaysia."
The contract includes commitments to implement enhanced oil recovery activities and for investments to continue conventional oil development.
ExxonMobil says it has 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. Daily operated production is about 150,000 bbl of oil and approximately 1.2 billion cu ft (34 million cu m) of natural gas.
03/26/2008
