Petronas seeks investors to revive Malaysian upstream as majors exit


Dateline 2020-09-22, Energy Voice:

After reporting a $5 billion loss, Malaysian national oil company (NOC) Petronas is eager to see new money flow into its domestic upstream sector, especially as the majors, such as ExxonMobil, seek to exit the Southeast Asian nation.

Industry sources told Energy Voice that Petronas – the sole manager of Malaysia’s oil and gas reserves – is exploring ways to open up its upstream sector to mid and late-life operators. Traditionally, the NOC, has been very particular about who can operate the country’s upstream assets, preferring giant players, such as Shell, ExxonMobil and ConocoPhillips.

But this mindset is changing as most of the major foreign companies have put their Malaysian assets up for sale. Petronas now needs to find new investors, especially companies with experience squeezing more oil and gas from ageing and marginal fields.

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