Conoco enters Malaysian E&P business
Conoco announced that Malaysia's national oil company, Petronas, has given its approval for Conoco to acquire one-half of the 80 percent interest held by two Royal Dutch/Shell subsidiaries in two exploration and production blocks offshore Malaysia.
With Petronas' approval and as part of the agreement, Conoco gains exposure to more than 1.5 million acres in a proven hydrocarbon province and will commit to drill at least four wells on the deepwater blocks designated as "G" and "J," and offshore the Malaysian state of Sabah.
Malaysia's Blocks "G" and "J" are located near the Baram/Champion deltas of northwest Borneo where 13 billion barrels of oil equivalent have been found to date. Water depths range between 650 - 3,200 feet (200-1,000 meters) for Block "J" and 2,300 - 5,900 feet (700-1,800 meters) for Block "G." To date, Shell has drilled two exploratory wells on these blocks and has made one gas discovery and one oil and gas discovery.
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