Malaysia’s Petronas on Thursday said it has officially transferred its contractual right for a cluster of oil and gas fields in the country to a unit of US-based firm ConocoPhillips.
The rights relate to the Kebabangan Cluster, a group of oil, condensate, and gas fields in the state of Sabah, Malaysia, which was earlier jointly operated by units of Petronas, ConocoPhillips and Shell.
The deal, which transfers the operatorship of the field solely to ConocoPhillips Sabah Gas, allows operations set to support energy security until 2050.
The project has an export capacity of up to 750 million standard cubic feet of gas per day, Petronas said.
(Reporting by Roshan Thomas in Bengaluru; Editing by Leroy Leo)