Shell finalises sale of offshore Malaysian assets

Malaysia

KUALA LUMPUR, March 16, 2023 – Shell has completed the sale of two offshore oil and gas concessions in Malaysia’s Baram Delta, the London-headquartered energy giant announced on Wednesday.

Divestments include a 40% interest in the Amended 2011 Baram Delta EOR PSC and 50% interest in the SK 307 PSC.

The Amended 2011 Baram Delta EOR PSC was signed in 2016 and consists of the Bokor, Baronia, Fairley Baram, Bakau and Siwa oil fields and Tukau Timur and Baronia gasfields.

The SK 307 PSC was signed in 1997 and contains the producing Baronia Barat oilfield.

The shares have been acquired by Petroleum Sarawak Exploration & Production, which is a fully owned subsidiary of Petroleum Sarawak, the state of Sarawak’s oil and gas company.

The remaining stakes in both fields are held by Petronas Carigali.

The sale follows regulatory approval by the Malaysian authorities.

The deal was first announced in December 2022.

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