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Shell, Petronas and ConocoPhillips Sign Kebabangan Cluster PSC

Source: www.gulfoilandgas.com 12/31/2007, Location: Asia

Shell, Petronas and ConocoPhillips affiliates today signed the Kebabangan Cluster production-sharing contract (PSC) in a ceremony held in Kuala Lumpur. The PSC enables the parties to conduct exploration, development and production of natural gas.

The PSC covers the Kebabangan, Kamunsu East, Kamunsu East Upthrown, and Kamunsu East Upthrown Canyon gas fields, all located offshore Sabah.

The equity structure and partners of the Kebabangan cluster PSC will be PETRONAS Carigali 40%, Shell Energy Asia Ltd 30% and ConocoPhillips 30%. A joint operating company called Kebabangan Petroleum Operating Company Sdn Bhd has been formed to operate the deepwater venture on behalf of the partners under the terms of the joint operating agreement.

Shell currently operates 17 Production Sharing Contracts, eight of which are gas acreages. Shell is also a 15% partner in Malaysia’s MLNG Dua and MLNG Tiga liquefied natural gas plants.

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