The contract includes commitments to implement significant enhanced oil recovery activities and for major investments to continue conventional oil development.
Exxon Mobil Corporation senior vice president Mark Albers said: “We are proud of our partnership and collaboration with Petronas. This allows us to develop and deliver energy supplies to satisfy the country’s energy needs.”
“This agreement allows our partnership to grow and provides us with an opportunity to efficiently develop the substantial petroleum resources offshore Peninsular Malaysia using our world-class technologies and project execution capabilities,” he added.
The ExxonMobil subsidiary which has invested more than US$15 billion in Malaysia is one of the nation’s major suppliers of crude oil and natural gas. The company operates 43 platforms in 17 fields with a gross daily production of 150,000 barrels of oil and 1.2 billion cubic feet of gas.