© EnQuest
EnQuest has agreed a deal to takeover ExxonMobil’s share in the Malaysian Seligi oil field and the associated production sharing contract.
The move will see EnQuest assume a 50% stake in the field, which is expected to operate as soon as regulator approval comes through.
“This acquisition follows from our recent partnership with Petronas on the Tanjong Baram field and is a significant expansion to our Malaysian operation,” said EnQuest chief executive Amjad Bseisu.
Malaysia’s Petronas will retain the remaining 50%.
This is EnQuest’s third Malaysian project and is expected to boost its net production by around 5,000 barrels of oil equivalent per day and add 11 million barrels of oil equivalent to its net reserves.
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