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  • Shell to sell non-operated interests in Malaysia’s Baram Delta
    édité le 13/12/2022 - Plus de news de "SHELL" - Voir la fiche entreprise de "SHELL"


Shell to sell non-operated interests in Malaysia’s Baram Delta
Sarawak Shell Berhad (SSB), a subsidiary of Shell plc, has agreed to sell its stake in two offshore production sharing contracts (PSC) in the Baram Delta to Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP). The sale concerns non-operated interests of 40% in the Amended 2011 Baram Delta EOR Production Sharing Contract (BDO PSC) and 50% in the SK 307 Production Sharing Contract (“SK307 PSC”). The remaining interests in both PSCs are held by the operator, PETRONAS Carigali Sdn. Bhd. (PCSB).

The base consideration for the sale is US$475 million, with additional payments of up to US$50 million between 2023 to 2024 contingent on commodity prices. The transaction has an effective date of January 1, 2023, and is targeted to be completed in early 2023, subject to completion of conditions which include, among others, regulatory approval to be obtained from PETRONAS, and consent from PCSB.

“This decision is in line with our work to continue focusing our portfolio”, said Zoe Yujnovich, Shell’s Upstream Director. “Malaysia remains one of our eight core Upstream positions worldwide and we will continue to help power the country’s progress by investing in the oil and gas needed today, as well as in the transition to a low-carbon energy system.”

Shell retains a strong presence in Malaysia’s upstream, gas-to-liquids, downstream and business services sectors. The intention to divest its interests in the BDO PSC and SK307 PSC was announced by Shell in March 2021.

Notes:
   - BDO PSC: PCSB (Operator) holds a 60% equity interest in the BDO PSC, with SSB holding the remaining 40% equity interest.
   - The BDO PSC was signed in 2012 and amended in 2016 and 2019, to extend the life and increase the recovery of the Baram Delta.
   - SK307 PSC: PCSB (Operator) holds a 50% equity interest in the SK307 PSC, with SSB holding the remaining 50% equity interest.
   - The SK307 PSC was signed in 1997.
   - Shell currently has 19 Production Sharing Contracts (PSCs) in Malaysia.
   - Shell signed four exploration PSCs earlier this year, arising from PETRONAS’ Malaysia Bid Round in 2021, which was concluded this year.
   - On September 5, 2022, Shell announced investment in Rosmari-Marjoram in Sarawak, Malaysia. Rosmari-Marjoram is a natural gas project which will be developed with SSB (Operator, 80%) and PCSB (20%).

About Shell plc

Shell plc is incorporated in England and Wales‚ has its headquarters in London and is listed on the London‚ Amsterdam‚ and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing‚ marketing and shipping of oil products and chemicals and renewable energy projects.


Origine : Communiqué SHELL

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