EnQuest Eyes ExxonMobil Malaysia Assets

By Joseph R. Fonseca
Sunday, June 15, 2014
EnQuest logo

 

EnQuest PLC, through its wholly owned subsidiary EQ Petroleum Production Malaysia Ltd, agreed to acquire ExxonMobil Exploration and Production Malaysia Inc.’s interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia.  The agreement is subject to the approval of Petroliam Nasional Berhad (PETRONAS) and satisfaction of certain conditions precedent.

This acquisition is another step in the execution of the Company’s strategy to extend its international footprint in Malaysia.  Following completion, the acquisition will contribute approximately 5,000 Boepd of net production and 11.0 MMboe of net 2P reserves to EnQuest.  EnQuest has extensive experience in creating value from late stage maturing assets in the North Sea, now being extended to enhance recovery from these Malaysian assets.

Highlights

*EnQuest will take over operatorship from ExxonMobil on completion
*EnQuest and Petronas Carigali Sdn Bhd will each hold a 50% participating interest from completion
*Following completion, the transaction is estimated to contribute an additional 5,000 Boepd to the Company’s net production and 11.0 MMboe to net 2P reserves
*This acquisition will be the Company’s third project in Malaysia
*The economic date of the transaction is 1 January 2014 and the US$67.0 million cash consideration is to be subject to an interim period adjustment on completion.

The current PM8 PSC is due to expire on 30 June 2014. It is a condition to completion that the Company will enter into an agreement with PETRONAS for the continuing development and production of petroleum resources from the PM8 PSC and Seligi oil field until 2033.

EnQuest's CEO Amjad Bseisu said,"I am delighted to announce this acquisition which builds on our core skill of enhancing value from maturing fields.  This acquisition follows from our recent partnership with PETRONAS on the Tanjong Baram field and is a significant expansion to our Malaysian operation.  I look forward to deepening our relationship with PETRONAS and adding further opportunities in Malaysia.”

Further information on the transaction As part of the transaction, EnQuest will also enter into a transition services agreement with
ExxonMobil to provide for the smooth transfer of the assets.
 

  • EnQuest

    EnQuest

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Wärtsilä Supporting Japan's 'Gas Age' Shipping

A total of 16 new gas carrier ships being built in Japan for Japanese owners are to be powered by Wärtsilä dual-fuel engines capable of running on liquefied natural

Parker Bestobell to Supply Valves for FSRU Newbuilds

Parker Bestobell Marine has recently completed a contract to supply cryogenic Globe and Check valves made in Sheffield, for Hoegh LNG’s series of five FSRUs (Floating

Brazil Agricultural Waterway Finally Reopens

Brazil's Tiete-Parana waterway, a key transport corridor for soybeans, corn, cellulose, fertilizer and other agricultural products, has reopened after a 20-month

Legal

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Maersk, MSC, 13 Others Offer to Settle EU Probe

Companies offer to announce actual prices, not future plans. Shipping container groups Maersk, MSC and 13 other companies have offered to change their pricing

$55M Berth Upgrade in Townsville Port

Townsville contractor CivilPlus Constructions has been awarded the design and construct tender for the primary wharf works component of Port of Townsville’s $55 million Berth 4 Upgrade project.

Finance

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Maersk CEO Looks to Increase Market Share

A.P. Moller-Maersk's chief executive said its container shipping arm Maersk Line probably gained market share in the second half of 2015 after losing some in the first half of the year.

Gamesa, Siemens Negotiating Wind Merger Terms

German engineering group Siemens and Spanish renewable energy group Gamesa are in final negotiations on a deal to merge their wind power assets, two sources familiar

Energy

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Gamesa, Siemens Negotiating Wind Merger Terms

German engineering group Siemens and Spanish renewable energy group Gamesa are in final negotiations on a deal to merge their wind power assets, two sources familiar

Maersk Writes Down Oil Assets

Writedown pushes company into red in fourth quarter; 2016 profit to fall short of previous year. Denmark's A.P. Moller-Maersk tumbled to a loss of $2.5 billion

News

Wärtsilä Supporting Japan's 'Gas Age' Shipping

A total of 16 new gas carrier ships being built in Japan for Japanese owners are to be powered by Wärtsilä dual-fuel engines capable of running on liquefied natural

BMT Provides Ferry Design for River Murray

BMT Design & Technology Pty Ltd (BMT), a subsidiary of BMT Group Ltd, has completed a design project for the South Australian Government’s Department of Planning, Transport and Infrastructure (DPTI).

Parker Bestobell to Supply Valves for FSRU Newbuilds

Parker Bestobell Marine has recently completed a contract to supply cryogenic Globe and Check valves made in Sheffield, for Hoegh LNG’s series of five FSRUs (Floating

Arctic Operations

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

First Women's Expedition to the Arctic

Company "MyArctic-expeditions" organize the first women's expedition to the Arctic Ocean. The expedition will start on March 5 in the capital of the Nenets Autonomous

Mergers & Acquisitions

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

R&M Group Merges with Sea Level Marine

R&M Ship Technologies USA, Inc. has merged Sea Level Marine, LLC. in efforts to increase the range of services offered to the company’s global client base. By aligning resources,

Shipping Line Consolidation: What Did the Airlines Do?

The container shipping industry is faced with the challenge of ever-decreasing freight rates that can only be served viably with larger, more efficient vessels.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1169 sec (9 req/sec)