Petronas to Award Marginal Oil Field Contracts

Source: Reuters 1/27/2011, Location: Asia

Malaysia's state oil firm Petronas will award two marginal oil field contracts by April as the Southeast Asian country seeks to reverse declining output, local media reported.

Petronas said Malaysia, a net oil exporter, has 106 marginal fields, with 580 million barrels of oil, the New Straits Times (NST) reported from a briefing for local media.

To boost output, Malaysia has unveiled a package of tax incentives, attracting oil majors Exxon Mobil and Royal Dutch Shell plc that have pledged to invest $4.9 billion in oil, gas and energy assets.

Petronas said the Sepat and Berantai fields will be awarded and there was an ongoing bidding process for two other marginal fields, the Star newspaper reported from the same briefing.

Malaysia, which averaged output of 657,000 barrels of oil and condensates per day in 2010, is expected to become a net oil importer by 2013.

Petronas manages Malaysia's oil and gas assets through production sharing contracts with other oil firms.

Recently, Petronas extended production sharing contracts with Exxon Mobil based on a requirement that mature fields need to be operated on Enhanced Oil Recovery (EOR) mode.

Enhanced oil recovery refer to techniques used to boost crude output from mature fields and is becoming more commonplace as oil prices edge closer to $100 a barrel, analysts say.


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