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Monday, December 9, 2013

MALAYSIA AND BRUNEI SHOW THE WAY TO WORK TOGETHER INTERNATIONALLY

PetroleumBrunei to buy stake in Petronas’ Canadian shale gas asset 




KUALA LUMPUR: PetroleumBrunei plans to buy a stake in Petroliam Nasional Bhd’s (Petronas) Canadian shale gas asset and its Canadian liquefied natural gas (LNG) facility.



Petronas said on Monday said a number of agreements were signed with the Brunei petroleum authorities towards deepening mutually beneficial cooperation in the oil and gas industry between the two parties.
PETRONAS is a Malaysian National Petroleum Company wholly owned by Malaysian  Government. PETRONAS
venture all over the world which include Sudan, Iran, Asian Region, Canada and Latin America and  CIS countries
These agreements were inked on Sunday in conjunction with the 17th Annual Malaysia-Brunei Leaders’ Consultation held in Bandar Seri Begawan.
The highlights of the agreements included:
* A Head of Agreement (HOA) towards formalising a unitisation arrangement for Malaysia’s Kinabalu West NAG field and Brunei’s Maharajalela North Panel field.
* A Head of Agreement towards a provisional arrangement for joint development of Malaysia’s Gumusut/Kakap field and Brunei’s Geronggong/Jagus-East field.
* Two Production Sharing Agreements (PSAs) awarded by PetroleumBRUNEI toPetronas Carigali Brunei Ltd and Shell Deepwater Borneo Ltd for Brunei’s offshore Blocks N and Q.
* An agreement for PetroleumBRUNEI to acquire an interest in PETRONAS’ Canadian shale gas asset and in PETRONAS’ proposed Canadian LNG facility, as well as a share of the facility’s LNG production.
 * A Memorandum of Understanding (MOU) between Malaysia Marine and Heavy Engineering Sdn Bhd with PB Services Sdn Bhd towards a possible joint venture for the provision of engineering and fabrication services.
 * The HOA to formalise the unitisation arrangement for the Kinabalu West NAG field and Maharajalela North Panel field was signed between PETRONAS and the National Unitisation Secretariat of Brunei Darussalam. The HOA paves the way for the two parties to resolve a number of issues relating to the unitisation and future development of these straddling fields.
 Petronas and the National Unitisation Secretariat of Brunei Darussalam also signed another HOA to establish joint development parameters for the Gumusut/Kakap and Geronggong/Jagus-East fields based on a provisional production and cost sharing arrangement until a further agreement is reached on the status of the fields.

Source: STAR ONLINE
http://www.thestar.com.my/Business/Business-News/2013/12/09/PetroleumBrunei-to-buy-stake-in-Petronas-Canadian-shale-gas-asset.aspx

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