State-owned oil firm Petronas announced on Friday that it has awarded a contract to Japan's largest oil refiner Nippon Oil Corp to begin oil exploration in Malaysia."The award of the production sharing contract signals the possible revival of active onshore exploration activities in Malaysia as part of Petronas' continuous efforts to enhance Malaysia's hydrocarbon reserves," it said.
Petronas said Nippon Oil will hold a 75 per cent stake while Carigali, the exploration and production arm of Petronas would own 25 per cent with a minimum financial commitment of 40 million dollars for exploration activities.
Via: Times of India
Tags:
