Acquisition of Interest in SK405B Offshore Malaysia

Source Press Release
Company Mitsui Oil Exploration Co, LtdMurphy Oil CorporationPetronasPetronas Carigali Sdn Bhd 
Tags Asset Deals, Deals, Upstream Activities
Date November 01, 2017

Mitsui Oil Exploration Co., Ltd. ("MOECO") is pleased to announce that its wholly-owned Malaysian subsidiary MOECO Oil (Sarawak) Sdn. Bhd. ("MOECO Sarawak") has been successful in a joint bid for SK405B. MOECO Sarawak, Murphy Sarawak Oil Co., Ltd.,and PETRONAS CARIGALI SDN. BHD. have signed a production sharing contract (PSC) on 1st November, 2017 with the Petroliam Nasional Berhad ("PETRONAS") and MOECO Sarawak will assume a 25.5% participating interest in the block, with the interests of all parties being as follows:

MOECO Oil (Sarawak) Sdn. Bhd  25.5% 
Murphy Sarawak Oil Co., Ltd (Operator)  59.5% 
PETRONAS CARIGALI SDN. BHD.  15.0% 

This will be MOECO's first project in Malaysia and MOECO has newly positioned Malaysia as part of its core business area adding to its existing targets in countries such as Thailand and other parts of South East Asia where MOECO has been engaging in exploration, development, and production of energy resources for many years. This successful bid reflects MOECO's aim to establish a more solid business foundation for further growth through continuous exploration and acquisition activities in South East Asia and globally.

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