Hess & PETRONAS to Develop Offshore Malaysia

Press Release
Friday, June 22, 2012

Hess and PETRONAS sign partnership agreements to develop North Malay Basin

Hess Corporation announces that it has signed agreements with PETRONAS to develop the North Malay Basin, located offshore peninsular Malaysia.

“The North Malay Basin Integrated Gas Development Project is consistent with our strategy to invest in long life, low risk reserves with attractive returns and exploration upside. It also builds upon our strategic partnership with PETRONAS”

The agreements creating the North Malay Basin Integrated Gas Development Project include amendments to the existing Production Sharing Contract for Block PM302, which is operated by Hess. The amendments enlarge the contract area to include nine discovered fields in the North Malay Basin for production of natural gas.

PETRONAS has also awarded Blocks PM325 and PM326B to Hess and PETRONAS Carigali that will be explored, appraised and developed.

Hess will have a 50 percent working interest and become operator of the project, which is expected to add discovered net resources of 80 million to 100 million barrels of oil equivalent to Hess’ portfolio.

First production is forecast to commence in 2013 at a net rate of approximately 40 million cubic feet of natural gas per day and increase in 2015 to an estimated 125 million cubic feet per day.

The project will require a net investment for Hess of approximately $250 million in 2012 and an estimated $400 million per year between 2013 and 2015.

Hess Corporation, with headquarters in New York, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.

 



Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

Crowley Maritime Open Singapore Office

Crowley Maritime Corp. says it has opened a full-service project management and logistics solutions office in Singapore under the leadership of industry veteran William Hill.

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

Finance

Asia Dry Bulk Capesize Rates Stay Flat

Rates for capesize bulk carriers on key Asian routes are set to remain in the doldrums next week, staying flat or gaining just a few cents as an oversupply of ships weighs on cargo availability,

ISC Profit Slip in Q2 2014 but Pay Dividend

International Shipholding Corporation (ISC) has announced financial results for the quarter ended June 30, 2014, summarized here: Net Loss he Company reported a net loss of $664,

Hornbeck Offshore Ride High on Q2 2014 Results

Hornbeck Offshore Services, Inc. has announced its financial results for the second quarter ended June 30, 2014.  Following are highlights for this period and excerpts

LNG

DW to Present at Upcoming Floating LNG 2014, Houston

Douglas-Westwood (DW) says that its manager in Houston, Andrew B. Meyers will be joining the speakers on the platform at the upcoming 27th-30th October 2014 'Floating

FortisBC Set to Expand its Tilbury LNG Facility

FortisBC Energy Inc. today selected Bechtel Canada Co. (Bechtel) as the contractor for its Tilbury LNG Facility Expansion Project in Delta, B.C. (Project). The

Growing American Shipping Bill Introduced by Garamendi

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, informs ot the introduction of  H.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1298 sec (8 req/sec)