Petronas’ stake sale of offshore gas asset advances to second round: sources

July 28, 2017

I don’t know why this item has been so hyped up. Isn’t this the usual way acreage is bid out?

Dateline 2017-06-05, Reuters:

The sale by Malaysian energy firm Petronas of an estimated $1 billion stake in a local upstream gas project has moved to the second round and is set to attract interest from about half a dozen bidders including Royal Dutch Shell and ExxonMobil Corp, four sources familiar with the matter said.

State-owned Petroliam Nasional Bhd (Petronas) had kicked off a process to sell a stake of up to 49 percent in the SK316 offshore gas block in Malaysia’s Sarawak state, Reuters reported in February.

Prospective buyers are expected to submit second round financial bids this month, and a final decision on the successful bidder is expected later this year, said two sources.

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Energy Majors Eye A $1B Stake In Malaysian NatGas Asset

July 25, 2017

Dateline 2017-06-05, Oilprice.com:

Malaysia’s state oil firm Petronas has pushed a plan to sell a US$1-billion stake in a local offshore gas project to the next round of bidding expected to attract international majors including Shell and ExxonMobil, Reuters reported on Monday, citing four people familiar with the plan.

Back in February, Petronas was reportedly planning on selling an up to 49-percent stake in the SK316 offshore gas block in the Sarawak state. A portion of the funds earned from the new sale could be set aside for the future of the Kasawari field, which government estimates say could hold three trillion cubic feet of recoverable hydrocarbons.

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Block sale of gas stake, PKR tells Sarawak

May 27, 2017

Dateline 2017-04-17, FMT:

PKR has told the Sarawak government to take Petronas to court if it’s true that the company is selling off a stake in an upstream gas project.

 Reacting to a fresh report that Petronas was seeking to sell the SK316 offshore gas block, Sarawak PKR vice-chairman See Chee How said oil and gas found within Sarawak’s boundaries belonged to the state.

Recently, Reuters, quoting sources, reported that Petronas had started pitching the sale of the block for an estimated US$1 billion (RM4.4 billion). The potential bidders, according to the report, include Royal Dutch Shell, ExxonMobil Corp, PTT Exploration and Production and Japanese firms.

“The rights of the state are very clear, be it in the Federal Constitution or Sarawak laws,” said See, who is a lawyer.

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Exclusive: Petronas considers $1 billion stake sale in offshore gas project – sources

March 2, 2017

Dateline 2017-02-20, Reuters:

Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said.

Petroliam Nasional Bhd (Petronas) is looking to sell a stake of as much as 49 percent in the SK316 offshore gas block in Malaysia’s Sarawak state, the sources told Reuters, a move that would be among its first major recent sales as it grapples with oil prices that have slumped by half over two-and-a-half years.

That slide has squeezed the cash flows of Petronas [PETR.UL], hurt its earnings and forced it a year ago to announce a 50 billion ringgit ($11.2 billion) cut in capital expenditure over four years.

Petronas, which accounts for a third of Malaysia’s oil and gas revenue, has also cut its dividend. Sources had told Reuters in September it is considering selling its majority stake in a $27 billion Canadian liquefied natural gas (LNG) plant, although the company denied it.

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