Petronas inks MOU on Natuna gas

Petronas inks MOU on Natuna gas

SINGAPORE : Malaysia's Petroliam Nasional Bhd., or Petronas, Indonesia's Pertamina and Exxon Mobil Corp. have signed a memorandum of understanding on the possibility of developing natural gas from the East Natuna field, Petronas President and Chief Executive Mohd. Hassan Marican said Wednesday.

Marican declined to elaborate on details of the agreement.

"A couple of days ago, we signed an MOU between ourselves, Pertamina and Exxon Mobil to look into the possibility of lending gas from East Natuna," he said.

Marican said negotiations for the development of Indonesia's East Natuna gas field are still in the early stages and will continue.

He declined to comment on how soon the three companies will sign a final agreement on the East Natuna natural gas project.

Muri Muhammad, Petronas' vice president for gas business, said in January that his company aims to sign a final agreement by the end of this year to facilitate gas development in East Natuna. --Dow Jones