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Petronas, Dialog abort RM3.5bil Sarawak offshore project


The persistently depressed oil price is one reason for the termination of the project off Bintulu. The AFP photo shows the price of petrol being advertised at a fuel station in the oil town of Andrews, Texas.

The persistently depressed oil price is one reason for the termination of the project off Bintulu. The AFP photo shows the price of petrol being advertised at a fuel station in the oil town of Andrews, Texas.

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), Dialog Group Bhd and Australia-based petroleum company Roc Oil Co Ltd have aborted a proposed project estimated to cost more than RM3bil to develop and produce petroleum off Bintulu, Sarawak.

In a filing with Bursa Malaysia, Dialog said the small field risk service contract to develop the Balai cluster fields was terminated due to the difficult business environment and persistently depressed oil price.

   

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