Petronas seeks buyers of $ 1 billion stake in offshore gas project

Malaysian oil company Petronas has launched an estimated $ 1 billion in an award-winning local gas project for potential competitors, including Royal Dutch Shell, ExxonMobil Corp., PTT Exploration and Production (PTTEP.BK), Sources familiar with the subject said.

If successful, the deal could mark the biggest selling of Petronas shares since oil prices began to fall. Petronas aims to reduce operating expenses, job cuts and project reversals to help it navigate the low-oil environment.

The state oil and gas company approached about a dozen potential buyers, including global oil giants and Asian companies focused on Southeast Asia.

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