ConocoPhillips, Royal Dutch Plc and Malaysian state oil company Petronas Group have partnered to drill for natural gas in four underwater fields off the coast of Malaysia, according to news agencies. The three companies will jointly own a company to be based in Kuala Lumpur that will oversee the appraisal and development of the fields.
Terms of the agreement give Petronas' exploration arm, Petronas Carigali, 40 percent ownership of the joint venture, while Houston energy giant ConocoPhillips (NYSE: COP) and The Netherlands-based Shell will each own a 30 percent stake.
The company will drill for natural gas in four fields known as the "Kebabangan Cluster," in the waters off the northwest coast of Sabah, a state on the island of Borneo. The fields include Kebabangan, Kamunsu East, Kamunsu East Upthrown and Kamunsu East Upthrown Canyon.
- Houston Business Journal, December 31, 2007 -
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