Thai firm may bid for stake in Petronas gas block


CIMB Research has upgraded PetDag from

KUALA LUMPUR: PTT Exploration & Production Pcl (PTTEP), the Thai oil and gas explorer, is among bidders for a stake in an upstream gas project owned by Petroliam Nasional Bhd (Petronas) that could be valued at as much as US$1bil (US$4.08bil), sources said.

Japan’s Mitsubishi Corp and Kuwait Foreign Petroleum Exploration Co had also submitted offers for as much as 49% of the SK316 block, located off the Sarawak coast, sources said.

Petronas is evaluating the bids and a decision is expected next year, said one of the people, who asked not to be identified because the process is private.

Acquisitions of South-East Asian energy assets totalled US$7.1bil this year, about 39% more than the same 2016 period, according to data compiled by Bloomberg.

A unit of PTTEP in July agreed to buy a US$500mil stake in Petronas LNG 9 Sdn Bhd, the data show.

Petronas could still opt to proceed with the project without a new investor if offers aren’t attractive enough, a source said.

The energy firm earlier invited proposals from selected companies that had the capacity to help explore and develop the block, which had proven gas discoveries and exploration prospects, it said in an April statement. — Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

ViTrox posts RM42mil profit in Q3
KPS units Aqua-Flo bags RM91.6mil Air Selangor water chemical supply job
KLK extends IJM Plantations MGO to Nov 18�
Supermax seeks details from US over forced labour allegations
Ringgit closes higher against US dollar at 4.1565
Profit taking weighs on Bursa
Lawyer Sreesanthan settles SC charges for insider trading
Supermax shares fall to low of RM2 over alleged labour abuses
Oil falls as investors take profits, but fuel switching caps losses
Birkin bag maker Hermes shrugs off China slowdown, sales beat forecasts

Others Also Read


Vouchers