PETRONAS Carigali Sdn Bhd and Hess Exploration and Production Malaysia B.V. have signed contracts to move forward with the North Malay Basin gas development project.
Offshore staff
KUALA LUMPUR, Malaysia –PETRONAS Carigali Sdn Bhd and Hess Exploration and Production Malaysia B.V. have signed contracts to move forward with the North Malay Basin gas development project.
PETRONAS says $5.2 billion will be invested in the project over the next five years to commercialize 1.7 tcf of gas reserves.
Hess will have a 50% working interest and become operator of the project. First production is forecast to commence in 2013 at a net rate of approximately 40 MMcf/d and increase in 2015 to an estimated 125 MMcf/d. The project will require a net investment for Hess of approximately $250 million in 2012 and an estimated $400 million per year between 2013 and 2015.
The first new contract amends the production sharing agreement regarding offshore block PM302. The other contracts involve the adjacent blocks PLM325 and PM326b.
