off-the-wire

Shell completes stake sale in Malaysia's Baram Delta

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, March 15 (Reuters) - Shell Plc has completed the sale of its stake in two offshore production-sharing contracts in Malaysia's Baram Delta to Petroleum Sarawak Exploration & Production Sdn Bhd.


The oil major announced in December it was divesting the stakes for $475 million. "This divestment is in line with Shell's work to focus its Upstream portfolio. Shell retains a strong presence in Malaysia's upstream, gas-to-liquids, downstream and business services sectors," the company said in a statement on Wednesday. Sarawak Shell Berhad, a subsidiary, had held 40% and 50% stakes in the Baram Delta EOR and SK 307 production sharing contracts, respectively.


The remaining interests in both production-sharing contracts are held by the operator, Petronas Carigali, the exploration and production arm of Malaysia's state energy company Petronas . (Reporting by Emily Chow; editing by Jason Neely)

emily.chow.thomsonreuters.com@reuters.net))
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