Project Profile
Value: Undisclosed
Location: offshore Malaysia
Reserves: 180 million barrels of oil
Area: unknown
Start-up Year: -
EnQuest Plc has agreed to acquire ExxonMobil Exploration and Production Malaysia\'s stake in the PM8 production sharing contract (PSC), located offshore Malaysia. The PM8 PSC features six developed fields, which have combined original hydrocarbons in place of more than 180 million barrels of oil. The acquisition, which is subject to Petroliam Nasional Berhad approval, will give EnQuest a 50% stake in the field, which the company will commence operating once the transaction is completed. The current PM8 PSC is scheduled to expire on 30 June 2014 and as part of the transaction, EnQuest will enter into an agreement with Petronas to continue development and production of petroleum resources from the PM8 PSC until 2033.
Operators:
Petronas: Operator with 50% interest
EnQuest Plc: 50% interest