ExxonMobil, Petronas: Parnership Will Go On

A continuing partnership of ExxonMobil Exploration and Production Malaysia Inc., a subsidiary of Exxon Mobil Corporation, and the Malaysian national oil company, PETRONAS, will ensure sustainable energy supplies for Malaysia under a planned new 25-year production sharing contract.

At the time of signing papers the superiors of both companies were excited about the future cooperation because the collaboration will "let our partnership continue to grow and enable the use of ExxonMobil world-class technologies and project execution capabilities to efficiently develop the substantial petroleum resources offshore Peninsular Malaysia"

The contract includes commitments to implement significant enhanced oil recovery activities and for major investments to continue conventional oil development.

The ExxonMobil subsidiary has invested more than US$15 billion in Malaysia over the past 40 years. The company operates 43 platforms in 17 fields as one of Malaysia's major suppliers of crude oil and natural gas. Daily operated production is about 150,000 barrels (gross) of oil and approximately 1.2 billion cubic feet (gross) of natural gas. About 96 percent of the affiliate's 1,150 employees are Malaysian nationals.