PETROLEUMBRUNEI will buy a stake in Petroliam Nasional Bhd’s (Petronas) shale gas assets in Canada for an undisclosed sum.
The national oil company of Brunei will be the second company to share the development cost and take-up of Petronas’ Canadian liquefied natural gas (LNG) assets.
Japan Petroleum Exploration Co had agreed to buy a 10 per cent stake in the integrated project nine months ago for an undisclosed sum.
Last year, Petronas bought the Calgary-based Progress Energy for C$5.2 billion (RM15.7 billion).
This gave it access to the second-biggest stakeholder in the Montney shale gas area of British Columbia and full control of three Progress Energy fields in which it previously held stakes.
Petronas yesterday said PetroleumBRUNEI will buy a three per cent stake each in the natural gas assets of Progress Energy Canada and the Pacific Northwest LNG facility with a capacity of 12 million tonnes a year.
Petronas yesterday said PetroleumBRUNEI will buy a three per cent stake each in the natural gas assets of Progress Energy Canada and the Pacific Northwest LNG facility with a capacity of 12 million tonnes a year.
“PetroleumBRUNEI has agreed to buy a three per cent share of the LNG facility’s production for a minimum of 20 years,” Petronas said.
Najib-Sultan meeting
The deal was inked following a meeting between Prime Minister Datuk Seri Najib Razak and Brunei’s Sultan Hassanal Bolkiah in Bandar Seri Begawan over the weekend.
Other deals sealed included a Head of Agreement (HoA) between Petronas and the National Unitisation Secretariat of Brunei Darussalam towards formalising a unitisation arrangement for Malaysia’s Kinabalu West NAG field and Brunei’s Maharajalela North Panel field.
The deal will pave the way for the resolution of several issues relating to the development of the straddling fields.
Both countries also signed a HOA towards a provisional arrangement for the joint development of Malaysia's Gumusut/Kakap oilfield and Brunei's Geronggong/Jagus-East oilfield based on a production and cost-sharing deal until a further agreement is reached on the fields' status.
PetroleumBRUNEI also awarded two production-sharing contracts to Petronas Carigali Brunei Ltd and Shell Deepwater Borneo Ltd, with equal 50:50 equity interests to work on Blocks N and Q.
The two blocks are located in the eastern shallow water areas offshore Brunei.
To facilitate the initiative, Malaysia Marine and Heavy Engineering Sdn Bhd (a unit of Petronas' subsidiary MISC Bhd) and PB Services Sdn Bhd (a subsidiary of PetroleumBRUNEI) are looking to form a 30:70 joint venture to provide engineering and fabrication services. - BT
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