Petronas offers $1 Bn stake

摘要

Malaysia's state-owned Petronas has offered a stake in Block SK316 offshore Sarawak worth an estimated US $1 Bn to potential bidders, including Shell, ExxonMobil and Thailand's state player PTTEP, as well as Japanese players, according to reports. If successful, the deal could mark Petronas' largest upstream stake sale since oil prices started falling more than two years ago. Petronas is targeting lowering operating expenses, cutting jobs and project rollbacks to help it combat the low oil price environment, Reuters reported.