UK-based EnQuest has agreed to acquire ExxonMobil Exploration and Production Malaysia’s stake in the Seligi oil field and the PM8 production sharing contract (PSC), located offshore Malaysia.
Located about 240km offshore Peninsular Malaysia in a water depth of 73m, the 80km² Seligi oil field was developed with Seligi-A, the main production platform and separate gas compression platform.
The PM8 PSC features six developed fields, which have combined original hydrocarbons in place of more than 180 million barrels of oil.
The acquisition, which is subject to Petroliam Nasional Berhad approval, will give EnQuest a 50% stake in the field, which the company will commence operating once the transaction is completed.
Upon completion, the acquisition will increase EnQuest’s net production by about 5,000bpd and add 11 million barrels to its net 2P reserves.
The current PM8 PSC is scheduled to expire on 30 June and as part of the transaction, EnQuest will enter into an agreement with Petronas to continue development and production of petroleum resources from the PM8 PSC and Seligi oil field until 2033.
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EnQuest CEO Amjad Bseisu said: "This acquisition follows from our recent partnership with PETRONAS on the Tanjong Baram field and is a significant expansion to our Malaysian operation."
EnQuest also has stakes in two blocks offshore Sabah, Malaysia, and a small field risk service contract in Sarawak.
Image: EnQuest CEO Amjad Bseisu. Photo: courtesy of EnQuest.