UPDATE 1-Exxon Mobil, Malaysia's Petronas in oil fields deal

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KUALA LUMPUR, March 26 (Reuters) - Malaysian state oil firm Petronas has signed an initial pact with Exxon Mobil (XOM.N), paving the way for a renewed production-sharing deal for seven offshore Malaysian oil fields, Petronas said on Wednesday.

The initial agreement covers the principles of a new production-sharing deal that would require the two companies to spend at least another $2.1 billion on further developing the fields, Petronas said in a statement.

"The two partners have been involved in the exploration, development and production activities in the seven fields under a production-sharing contract signed with Petronas in 1995 which is due to expire in March 2012," it added. (Reporting by Mark Bendeich; Editing by Michael Urquhart)