ExxonMobil to sell Malaysia assets- report

ExxonMobil to transfer Malaysia PSCs’ operatorship

KUALA LUMPUR, July 19, 2024 – ExxonMobil will transfer operatorship of two key PSCs in Malaysia to Petronas Carigali, Reuters reported on Sunday.

On Friday, the agency reported the energy giant would sell all of its Malaysia assets to state player Petronas, but on Sunday, the company’s local subsidiary issued a statement contradicting it.

“This is not a sale and there will be no changes to EMEPMI’s working interest in the production-sharing contracts,” ExxonMobil Exploration and Production Malaysia said.

Meanwhile, Petronas issued a statement on Saturday indicating that two key PSCs would see operatorship transferred to its subsidiary. The PSCs were not specified.

ExxonMobil today contributes about 40% and 50%, respectively, of Peninsular Malaysia’s crude oil and natural gas production.

Its local operations include 35 oil and gas platforms in 12 fields offshore Terengganu, as well as a working interest in 10 platforms in five fields in the South China Sea.

In November, the company celebrated its 130th anniversary in Malaysia.

However, in recent years ExxonMobil has been taking steps to sell its ageing local upstream assets, the report said.

Photo courtesy of ExxonMobil.

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