Malaysia's oil company plans to sell local gas project

The Petroliam Nasional Bhd (Petronas), Malaysia's State oil and gas, plans to sell a large minority stake in a local gas project by up to $1 billion, with the objective of increasing the box and reduce development costs, according to Reuters.

The State is seeking to sell a stake of up to 49% on offshore gas block SK316 in the State of Sarawak, on Malaysia. The sale would be as a result of the reduction of the company's cash flow that has damaged your winnings forcing it to announce a cut to $11.2 billion in capital expenditures over four years.

The NC3 field in block gas SK316 feeds the LNG export project of Malaysia, known as LNG 9, joint venture of Petronas with the JX Nippon Oil & Energy Corp., which began commercial production in January. Petronas, which represents a third of the oil and gas revenue of Malaysia, would be currently evaluating interest from potential buyers.

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