Petronas awards contracts

Petronas awards contracts

KUALA LUMPUR (AFP): Malaysia's national oil firm Petroliam
Nasional Bhd. (Petronas) yesterday awarded three production
sharing contracts to its unit Petronas Carigali and three
companies of Shell Malaysia.

The pacts were for exploring new gas and oil reserves in two
offshore blocks in eastern Sarawak and Sabah state, and a
deepwater block in Sabah, said Petronas president and chief
executive Mohd. Hassan Marican.

Petronas Carigali would team up with Sarawak Shell Bhd., Sabah
Shell Petroleum Company and Shell Sabah Selatan for the three
contracts involving a minimum investment of 115 million ringgit
(US$46 million), he said.

Mohd. Hassan said Petronas has focused on attracting continued
investments for exploration to enhance the nation's hydrocarbon
reserves and maintain the growth of the petroleum industry, he
said.

Malaysia production of liquefied natural gas is expected to
increase to 23 million tons annually by 2001, making it the
world's second largest producer of after Indonesia, he added.