Hess’ latest pact with Petronas lays foundation for potential Malaysia exit

July 18, 2021

Dateline 2021-06-10, Peril of Africa (my sources are everywhere)

Petronas and Hess have agreed amendments to an existing upstream gas sales agreement for fields offshore Malaysia that cements the value of the US-based company’s North Malay Basin assets. This makes any potential divestment process easier as Hess focuses on its prolific acreage offshore Guyana.

“This gas sales agreement now cements the value of the NMB (North Malay Basin) and lays the groundwork for a sale as Hess needs billions of dollars for Guyana,” a Kuala Lumpur-based industry source told Energy Voice.

Hess Corp’s S-E Asia assets attract bid interest

November 9, 2018

Dateline 2018-08-21, The Star:

The South-East Asian offshore natural gas assets of US oil and gas producer Hess Corp, estimated to be worth as much as US$5bil, have attracted takeover interest from firms including Thailand’s PTTEP PCL and Austrian energy group OMV AG, people familiar with the matter said.

Hess, which has a collection of gas fields in North Malay Basin in offshore Malaysia and in the Malaysia-Thailand Joint Development Area (JDA) with 50% equal partner Petronas, has not yet decided whether to sell the assets, according to financial and industry sources.


North Malay Basin platforms deliver first gas

August 27, 2017

Dateline 2017-07-27, Offshore Mag:

Gas production has started from the Hess-operated North Malay Basin full-field development in the Gulf of Thailand, following hookup of the topsides for the central processing platform.

Commissioning activities continue.

Hess expects its net production to ramp up shortly to around 165 MMcf/d.

North Malay Basin comprises nine gas fields in block PM302 with combined recoverable reserves of over 1.5 tcf of gas and over 20 MMbbl of condensate.

Petronas launches Terengganu Gas Terminal

June 2, 2017

Dateline 2017-04-20, The Edge:

Petroliam Nasional Bhd (Petronas) has launched its Terengganu Gas Terminal (TGAST), which will ensure gas supply security and sustainability in Malaysia.

In a statement today, Petronas president and group CEO Datuk Wan Zulkiflee Wan Ariffin said the company launched the TGAST in Kertih last Tuesday (April 18). He said the TGAST would supply gas to Petronas’ customers in Peninsular Malaysia and Petronas’ facilities.

Wan Zulkiflee said the TGAST is able to process up to 700 million standard cu ft per day (mmscfd) of gas from the Malaysia-Thailand joint development area and North Malay Basin offshore

Petronas awards 3 North Malay Basin gas fields to Hess Corp

July 18, 2012

Isn’t this really outdated. How do I get onto this gravy boat?

Dateline 2012-06-21:

State oil firm Petronas signed three production sharing contracts with the exploration arm of U.S. firm Hess Corp on Thursday, kicking off a $5.2 billion gas project off Malaysia’s east coast.

The North Malay Basin project, comprising nine gas fields about 300 km (186 miles) off the east coast of peninsular Malaysia, is aimed at securing new gas supplies for Petronas as it faces a supply crunch.