Conoco, Shell, Malaysia partner to drill |
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Published
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Mon, 31 Dec 2007 15:13
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NEW YORK (AP) - ConocoPhillips, Shell and the Malaysian state oil company have partnered to drill for natural gas in four underwater fields off the coast of Malaysia.The three companies are establishing a jointly owned company to be based in Kuala Lumpur and oversee the appraisal and development of the fields.The Malaysian government-owned oil company, Petronas Carigali, will own 40 percent of the partnership, while ConocoPhillips and Shell will each own a 30 percent stake.The company will drill for natural gas in four fields known as the 'Kebabangan Cluster,' in the waters off the northwest coast of Sabah, a state on the island of Borneo. The fields include Kebabangan, Kamunsu East, Kamunsu East Upthrown and Kamunsu East Upthrown Canyon.The company will start with the Kebabangan field and work on the others later.The companies have previously worked on underwater natural gas projects in Malaysia, including Gumusut and Malikai.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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