EnQuest to Acquire ExxonMobil Malaysia Inc.’s Interest

Source: www.gulfoilandgas.com 6/13/2014, Location: Asia

EnQuest PLC, through its wholly owned subsidiary EQ Petroleum Production Malaysia Ltd, is pleased to announce the agreement to acquire ExxonMobil Exploration and Production Malaysia Inc.’s interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia. The agreement is subject to the approval of Petroliam Nasional Berhad (“PETRONAS”) and satisfaction of certain conditions precedent.

This acquisition is another step in the execution of the Company’s strategy to extend its international footprint in Malaysia. Following completion, the acquisition will contribute approximately 5,000 Boepd of net production and 11.0 MMboe of net 2P reserves to EnQuest. EnQuest has extensive experience in creating value from late stage maturing assets in the North Sea, now being extended to enhance recovery from these Malaysian assets.

EnQuest's CEO Amjad Bseisu said:
“I am delighted to announce this acquisition which builds on our core skill of enhancing value from maturing fields. This acquisition follows from our recent partnership with PETRONAS on the Tanjong Baram field and is a significant expansion to our Malaysian operation. I look forward to deepening our relationship with PETRONAS and adding further opportunities in Malaysia.”

Further information on the transaction
As part of the transaction, EnQuest will also enter into a transition services agreement with ExxonMobil to provide for the smooth transfer of the assets.

Additional background information on the assets

Both fields are located offshore Malaysia.

Seligi

The Seligi field is located approximately 240 kilometres offshore Peninsular Malaysia in a water depth of 73 metres. The entire oil field encompasses approximately 80 square kilometres and has been developed with Seligi-A, the main Production platform and separate gas compression platform, along with seven minimum facilities satellite platforms tied back to Seligi-A.

PM8
The PM8 PSC comprises of six developed fields (Lawang, Langat, Serudon, North Raya, South Raya and Yong), which have been developed with four minimum facilities satellite platforms tied back to Seligi-A. The six fields have combined original hydrocarbons in place of over 180 million barrels of oil. They have been developed with a total of 33 strings and produced around 100 million barrels of oil.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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