UPDATE1-Petronas seeks buyers for $1 bln offshore gas project stake


Dateline 2017-04-10, Nasdaq:

Malaysia’s Petronas has pitched an estimated $1 billion stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell <RDSa.L>, ExxonMobil Corp <XOM.N>, Thailand’sPTT Exploration and Production <PTTEP.BK> and Japanese firms, sources familiar with the matter said.

If successful, the deal could mark Petronas’ biggest upstream stake sale since oil prices started declining more than two years ago. Petronas is targeting lowering operating expenses, job cuts and project rollbacks to help it navigate through the low oil price environment.

Citing sources, Reuters reported in February that Petronas was considering selling a stake of as much as 49 percent in the SK316 offshore gas block in Malaysia’sSarawak state.

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