Shell Completes Sale of Baram Delta and SK307 Offshore Blocks to PSEP

OE Staff
Wednesday, March 15, 2023

Shell's Malaysian subsidiary Sarawak Shell Berhad has completed the previously announced sale of 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”).  Shell said back in December that it would sell its stakes in the offshore blocks for $475 million.

Following the sale to PSEP, the remaining interests in both PSCs are held by the operator, Petronas Carigali.

Completion of the sale follows regulatory approval from Malaysia Petroleum Management (MPM), Petronas as the custodian of national hydrocarbon resources in Malaysia. The transaction has an effective date of January 1, 2023.

"This divestment is in line with Shell’s work to focus its Upstream portfolio. Shell retains a strong presence in Malaysia’s upstream, gas-to-liquids, downstream, and business services sectors," Shell said.

Following the completion of this divestment, Shell holds 19 Production Sharing Contracts (PSCs) in Malaysia.

On September 5, 2022, Shell announced an 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%).

The Rosmari-Marjoram deepwater sour gas fields, discovered in 2014, are located offshore Bintulu, Sarawak, Malaysia.

The project will involve the construction of a solar-powered offshore platform.  

Categories: Industry News Activity Production Asia

Related Stories

Shell’s Brazil-Bound FPSO Starts Taking Shape

Seatrium Secures ABS Backing for Deepwater FPSO Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Saipem Bags $1.5B Contract for Türkiye Largest Offshore Gas Field

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

CNOOC Brings New Offshore Gas Field On Stream

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Current News

Propane’s Economic Edge for Ports During Trade Uncertainty

Shell’s Brazil-Bound FPSO Starts Taking Shape

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com