ExxonMobil and Petronas Sign Agreement for New Production Sharing Contract
ExxonMobil Exploration and Production Malaysia Inc., a subsidiary of Exxon Mobil Corporation (NYSE:XOM), and the Malaysian national oil company, PETRONAS, will continue to work together to help ensure sustainable energy supplies for Malaysia under a planned new 25-year production sharing contract. At the signing ceremony today for the main principles agreement for the new contract, Mark Albers, senior vice president, Exxon Mobil Corporation, 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 significant enhanced oil recovery activities and for major investments to continue conventional oil development.
The ExxonMobil subsidiary has invested more than US$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 barrels (gross) of oil and approximately 1.2 billion cubic feet (gross) of natural gas. About 96 percent of the affiliate's 1,150 employees are Malaysian nationals.
