Petronas in talks for Texaxo's Myanmar stake<\/p>\n
KUALA LUMPUR (DPA): Malaysia's state oil firm, Petronas, is
\nholding talks with U.S.-based Texaco on the possibility of buying
\nits stake in Myanmar's Yetagun gas field, a company official said
\nyesterday.<\/p>\n
The official, who did not want to be named, confirmed a Thai
\nnewspaper report yesterday that the oil firm's exploration arm,
\nPetronas Carigali, is in negotiations with Texaco.<\/p>\n
However, he said, the negotiations are still at an early stage
\nand Petronas has yet to decide whether it will buy up Texaco's
\nfull 40 percent share in Yetagun, or part of it.<\/p>\n
The Thai newspaper, the Nation, quoted industry sources as
\nsaying that Texaco has opened talks with several oil and gas
\nfirms to sell off its 40 per cent stake in Yetagun, following
\nWashington's decision to impose sanctions on new U.S. investments
\nin military-ruled Burma.<\/p>\n
Although the sanctions will apply only to new investments and
\nnot to existing projects like the Yetagun field, Texaco has been
\ntalking with Petronas as well as Indonesia's state oil firm
\nPertamina and Thai energy and mining group Ban Pu Plc.<\/p>\n
Texaco chief executive Peter Bijur was reported earlier as
\nsaying at the company's annual shareholders meeting that it would
\nconsider selling its Yetagun holding.<\/p>\n
The Nation said Petronas has emerged as a strong contender
\nbecause it has offered to swap its stake in a Malaysian field for
\nthe Yetagun share.<\/p>\n
It quoted a source as saying that Petronas is keen on the
\nYetagun stake since it is trying to \"build its empire in
\ncountries around Thailand, which is Southeast Asia's largest
\nmarket for gas.\"<\/p>\n
The newspaper said other partners in the Yetagun project are
\nBritish firm Premier Oil, Japan's Nippon Oil and Thailand's PTT
\nExploration and Production Plc.<\/p>\n
The Petronas official said if the talks are successful, it
\nwill be the state oil company's second venture in Burma. It
\nrelinquished its exploration rights to an onshore project in
\nMyanmar several years ago, in a venture with Japan's Idemitsu Co,
\nafter tests showed the project was not viable.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/petronas-in-talks-for-texaxos-myanmar-stake-1447893297",
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"sponsor": "Okusi Associates",
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