Tuesday, December 10, 2013
STATE-OWNED Petroleum Brunei (PB) will buy a three per cent stake in Malaysia’s Petronas’ shale gas assets in Canada following a meeting between His Majesty the Sultan and Yang Di-Pertuan of Brunei and Malaysian Prime Minister Najib Razak on Sunday.
Petroleum Brunei is Brunei's 100% government owned (phot from pb.com.bn)
A number of agreements were signed following the 17th Annual Brunei-Malaysia Leaders’ Consultation held in Bandar Seri Begawan, according to a statement from Petronas yesterday.
“Petronas and its Canadian subsidiaries Progress Energy Canada Ltd and Pacific NorthWest LNG Ltd have also signed an agreement with Petroleum Brunei for the latter to acquire a three per cent equity in Progress Energy Canada’s natural gas assets and in the proposed Pacific NorthWest LNG’s export facility. As part of the proposed transaction, Petroleum Brunei has agreed to buy a three (3) per cent share of the LNG facility’s production for a minimum of 20 years,” the statement read.
The Malaysian government-owned oil and gas firm said the agreements, signed on December 8, include a head of agreement (HoA) towards formalising a unitisation arrangement for Malaysia’s Kinabalu West NAG field and Brunei’s Maharajalela North Panel field; A HoA towards a provisional arrangement for joint development of Malaysia’s Gumusut/Kakap field and Brunei’s Geronggong/Jagus-East field; and Two production sharing agreements (PSAs) awarded by Petroleum Brunei to Petronas Carigali Brunei Ltd and Shell Deepwater Borneo Ltd for Brunei’s offshore Blocks N and Q.
Also included in the agreements was a memorandum of understanding (MoU) between Malaysia Marine and Heavy Engineering Sdn Bhd with PB Services Sdn Bhd for a possible joint venture for the provision of engineering and fabrication services.
The HoA to formalise the unitisation arrangement for the Maharajalela North Panel field and Malaysia’s Kinabalu West NAG field “paves the way for the two parties to resolve a number of issues relating to the unitisation and future development of these straddling fields,” Petronas said.
The agreement was signed between Petronas and the National Unitisation Secretariat of Brunei Darussalam, read the statement.
Both parties also signed another HoA to establish joint development parameters for the Gumusut/Kakap and Geronggong/Jagus-East fields based on a provisional production and cost sharing arrangement until a further agreement is reached on the status of the fields, it added.
Meanwhile, PB has also awarded Two PSAs to Petronas Carigali Brunei and Shell Deepwater Borneo the for Blocks N and Q which are located in the eastern shallow water areas offshore Brunei, the statement said.
According to Petronas, the two partners have equal 50:50 equity interests in the two blocks, where Petronas Carigali Brunei is the operator of Block N while Shell Deepwater Brunei operates Block Q.
Meanwhile, an MoU was also signed by Malaysia Marine and Heavy Engineering, a unit of Petronas’ subsidiary MISC Bhd, with PB Services Sdn Bhd, a subsidiary of Petroleum Brunei, to explore the possibility of setting up a 30:70 joint venture to provide engineering and fabrication services, said.
“Petronas views the agreements reached with the Brunei petroleum authorities as a positive step forward in strengthening its presence in Brunei and deepening its relationship with its Brunei counterpart for mutual future growth in Brunei, Malaysia and elsewhere,” the statement said.
His Majesty and Najib expressed satisfaction at the signing of the production sharing agreements for Blocks N and Q for the immediate commencement of exploration work between PB and Petronas, according to an earlier report by The Brunei Times.
The series of agreements was signed following the leaders’ instruction at the 16th Annual Leaders’ Consultation to increase cooperation in Blocks N and Q, downstream industries, Sabah and Sarawak, and in third countries.
Both leaders were also pleased with the agreements between PB and Petronas in relation to the acquisition of a participating interest of the North Montney assets of Progress Energy Cooperation Ltd and in the Pacific Northwest shale gas to LNG Project in Canada.
Bilateral trade between Brunei Darussalam and Malaysia increased by 13.9 per in 2012 when total trade amounted to US$757.1 million ($946.53 million), according to a press release issued following the leaders’ consultation on Sunday.
“Malaysia expressed satisfaction with the level of Brunei Darussalam’s investment in Malaysia, particularly through joint ventures in various areas such as infrastructural products, agriculture, oil and gas, and real estate. Brunei Darussalam also welcomed expansion of Malaysia’s investments in Brunei Darussalam, including in oil and gas, financing, insurance, real estate and business services,” the statement read. –Fitri Shahminan
Tuesday, December 10, 2013
STATE-OWNED Petroleum Brunei (PB) will buy a three per cent stake in Malaysia’s Petronas’ shale gas assets in Canada following a meeting between His Majesty the Sultan and Yang Di-Pertuan of Brunei and Malaysian Prime Minister Najib Razak on Sunday.
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| Petroleum Brunei is Brunei's 100% government owned (phot from pb.com.bn) |
A number of agreements were signed following the 17th Annual Brunei-Malaysia Leaders’ Consultation held in Bandar Seri Begawan, according to a statement from Petronas yesterday.
“Petronas and its Canadian subsidiaries Progress Energy Canada Ltd and Pacific NorthWest LNG Ltd have also signed an agreement with Petroleum Brunei for the latter to acquire a three per cent equity in Progress Energy Canada’s natural gas assets and in the proposed Pacific NorthWest LNG’s export facility. As part of the proposed transaction, Petroleum Brunei has agreed to buy a three (3) per cent share of the LNG facility’s production for a minimum of 20 years,” the statement read.
The Malaysian government-owned oil and gas firm said the agreements, signed on December 8, include a head of agreement (HoA) towards formalising a unitisation arrangement for Malaysia’s Kinabalu West NAG field and Brunei’s Maharajalela North Panel field; A HoA towards a provisional arrangement for joint development of Malaysia’s Gumusut/Kakap field and Brunei’s Geronggong/Jagus-East field; and Two production sharing agreements (PSAs) awarded by Petroleum Brunei to Petronas Carigali Brunei Ltd and Shell Deepwater Borneo Ltd for Brunei’s offshore Blocks N and Q.
Also included in the agreements was a memorandum of understanding (MoU) between Malaysia Marine and Heavy Engineering Sdn Bhd with PB Services Sdn Bhd for a possible joint venture for the provision of engineering and fabrication services.
The HoA to formalise the unitisation arrangement for the Maharajalela North Panel field and Malaysia’s Kinabalu West NAG field “paves the way for the two parties to resolve a number of issues relating to the unitisation and future development of these straddling fields,” Petronas said.
The agreement was signed between Petronas and the National Unitisation Secretariat of Brunei Darussalam, read the statement.
Both parties also signed another HoA to establish joint development parameters for the Gumusut/Kakap and Geronggong/Jagus-East fields based on a provisional production and cost sharing arrangement until a further agreement is reached on the status of the fields, it added.
Meanwhile, PB has also awarded Two PSAs to Petronas Carigali Brunei and Shell Deepwater Borneo the for Blocks N and Q which are located in the eastern shallow water areas offshore Brunei, the statement said.
According to Petronas, the two partners have equal 50:50 equity interests in the two blocks, where Petronas Carigali Brunei is the operator of Block N while Shell Deepwater Brunei operates Block Q.
Meanwhile, an MoU was also signed by Malaysia Marine and Heavy Engineering, a unit of Petronas’ subsidiary MISC Bhd, with PB Services Sdn Bhd, a subsidiary of Petroleum Brunei, to explore the possibility of setting up a 30:70 joint venture to provide engineering and fabrication services, said.
“Petronas views the agreements reached with the Brunei petroleum authorities as a positive step forward in strengthening its presence in Brunei and deepening its relationship with its Brunei counterpart for mutual future growth in Brunei, Malaysia and elsewhere,” the statement said.
“Petronas views the agreements reached with the Brunei petroleum authorities as a positive step forward in strengthening its presence in Brunei and deepening its relationship with its Brunei counterpart for mutual future growth in Brunei, Malaysia and elsewhere,” the statement said.
His Majesty and Najib expressed satisfaction at the signing of the production sharing agreements for Blocks N and Q for the immediate commencement of exploration work between PB and Petronas, according to an earlier report by The Brunei Times.
The series of agreements was signed following the leaders’ instruction at the 16th Annual Leaders’ Consultation to increase cooperation in Blocks N and Q, downstream industries, Sabah and Sarawak, and in third countries.
Both leaders were also pleased with the agreements between PB and Petronas in relation to the acquisition of a participating interest of the North Montney assets of Progress Energy Cooperation Ltd and in the Pacific Northwest shale gas to LNG Project in Canada.
Bilateral trade between Brunei Darussalam and Malaysia increased by 13.9 per in 2012 when total trade amounted to US$757.1 million ($946.53 million), according to a press release issued following the leaders’ consultation on Sunday.
“Malaysia expressed satisfaction with the level of Brunei Darussalam’s investment in Malaysia, particularly through joint ventures in various areas such as infrastructural products, agriculture, oil and gas, and real estate. Brunei Darussalam also welcomed expansion of Malaysia’s investments in Brunei Darussalam, including in oil and gas, financing, insurance, real estate and business services,” the statement read. –Fitri Shahminan
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