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Shell mulls sale of non-operated assets in Malaysia

Shell mulls sale of non-operated assets in Malaysia

KUALA LUMPUR, March 13 (Reuters) – Royal Dutch Shell PLC’s Malaysia unit said it is considering selling its stakes in two production-sharing contracts it does not operate off the coast of Sarawak state.

In a statement on Friday, Shell Malaysia said the decision to consider divestment options is part of Shell Group’s strategy to focus and increase resilience and competitiveness in its upstream business.

The Baram Delta EOR and the SK307 production-sharing contracts are operated by Petronas Carigali Sdn Bhd, a unit of state energy firm Petronas. Sarawak Shell Berhad owns a 40% equity interest in Baram Delta and 50% in SK307, with Petronas Carigali holding the remainder.

“Shell Malaysia remains committed to supporting the operator in delivering safe and smooth operations until completion of a sale to a credible buyer,” said Shell, which has been operating in Malaysia for 130 years.

(Reporting by Liz Lee; Editing by William Mallard)

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