Petronas Close to Exxon Production Deal

Malaysian state oil firm Petronas has signed an initial pact with ExxonMobil for renewed production-sharing at seven offshore Malaysian oil fields, Petronas has announced.

The initial agreement details a new production-sharing deal that would require the two companies to spend at least another US$2.1bn on further developing the fields, Petronas told Reuters.

The previous production-sharing contract was signed in 1995, due to expire in March 2012.

By staff writer