From SPAC to PSC in one fell swoop? This is how you break into the O&G big bucks.
Dateline 2013-08-21:
Malaysia’s first special purpose acquisition company (SPAC), has been short-listed for the second round of bidding for Newfield Exploration Co’s Malaysian and Chinese oil and gas fields valued at about US$1.2 billion (RM3.94 billion).
“It was only a handful of companies that made it to the second round from the 65 companies initially expressed interest, and we are one of them,” said Hibiscus MD Dr Kenneth Pereira.
Newfield, the fourth-largest oil producer in Malaysia, has an interest in about 3.3 million net acres offshore Malaysia and about 290,000 net acres offshore China but intends to sell these assets to focus on its North American operations.
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Wata - Malaysian Oil and Gas Engineer 