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

Contracts

POSCO Production at Indiana Ports to start in 2017

Officials from POSCO, the Ports of Indiana and community leaders gathered to break ground today on POSCO's new wire rod processing center at the Port of Indiana-Jeffersonville.

Ferry Conference: Technology Drives Vessel Advancements

On June 2-3, 2016,  the Ferry Safety and Technology Conference will be held in downtown Manhattan.   Throughout the world, the quickening pace of technological

Korean Shipbuilders Maintain Top Ranks, Despite Troubles

Korea's 'Big Three' shipbuilders are still the world's three biggest by order backlog, despite their troubled management, according to data from UK-based Clarkson Research Services.

Legal

French Wheat Exports Await Indonesia Approval

French wheat exports to Indonesia are on hold as traders await the approval of a food safety agreement between the two countries, something exporters say is being

Fitch: M&A, Not Alliances to Help Revive Container Shipping

The following statement was released by the rating agency: Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address

Cosco Pacific Q1 Profit Up

Cosco Pacific Ltd.'s  first-quarter  ended 31 March 2016 net profit rose 31.4% from a year earlier on the back of a one-off gain. Turnover sank 2.27% yearly to US$129 million.

Finance

Matson Announces Q2 Dividend of $0.18/Share

The Board of Directors of Matson, Inc. today declared a second quarter dividend of $0.18 per common share. The dividend will be paid on June 2, 2016 to all shareholders

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Baltic Index Dips on Weaker Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, hurt by lower rates for capesize and panamax vessels.

Energy

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

India Instructs Disputed Tanker to Await UN Orders

India has instructed an Indian-flagged oil tanker that has been blacklisted by the U.N. not to discharge its cargo of crude oil from Libya's rival eastern government

Norway: Oil Industry Safety Deteriorated in 2015

The risk of accidents in Norway's oil industry rose last year after reaching record lows in 2014, a survey by the Nordic country's safety watchdog showed on Thursday.

News

Matson Announces Q2 Dividend of $0.18/Share

The Board of Directors of Matson, Inc. today declared a second quarter dividend of $0.18 per common share. The dividend will be paid on June 2, 2016 to all shareholders

Disabled Fishing Vessel Towed to Maine

The 60-foot fishing boat Paulo Marc was towed by the crew of U.S. Coast Guard Cutter Moray after the fishing vessel became disabled Wednesday about 90 miles east of Portland, Maine.

Blacklisted Oil Tanker Returning to Libya

An Indian-flagged oil tanker is returning to Libya, the North African country's rival oil corporation said on Thursday, after its failed first attempt to export

Arctic Operations

EU Adopts New Arctic Policy

The High Representative for Foreign Affairs and Security Policy and the European Commission have adopted a policy proposal that will guide the actions of the European Union in the Arctic region.

Ice Navigation System Selected for Magne Viking

Rutter Inc. announced that Viking Ice Consultancy selected the sigma S6 Ice Navigator system for installation on the Magne Viking, the first vessel to comply with

ExxonMobil Starts Production at Point Thomson

ExxonMobil said today it has started production at its Point Thomson project, the first company-operated project on Alaska’s North Slope. Central pad facilities

Mergers & Acquisitions

Fitch: M&A, Not Alliances to Help Revive Container Shipping

The following statement was released by the rating agency: Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address

ST Engineering Injects $66m into VT Systems

Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc.

Alliance Merry-go-round Spins Again

Four carriers have announced a new OCEAN Alliance to start next year. Where does this leave those carriers left behind?   To the surprise of many it was announced

Offshore Energy

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Ulstein Verft's First Wind Service Vessel Launched

Shipbuilder Ulstein Verft has launched its first vessel within the renewable energy segment, and also the first with the newly-developed X-STERN hull line design.

Challenges for Offshore Exploration

The oil discoveries are down 47% y-o-y on an annualised basis so far in 2016, global rig utilisation has dropped 22 percentage points to 73% in two years, and 29% of seismic units are inactive,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1160 sec (9 req/sec)