• Most Popular
  • Most Shared

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

Wed Mar 26, 2008 5:32am EDT

Stocks

   

(Adds details, background)

Stocks  |  Global Markets

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)

Stocks
Global Markets


More from Reuters

This heart-wrenching picture of a mother and child at an an emergency feeding centre in in Tahoua, Niger, won international acclaim for incorporating beauty, horror and despair. Taken on August 1, 2005 by Finbarr O'Reilly.

Pictures of the Decade

    Pictures
    A gold miner inspects a rock while digging a pit at the Chudja mine in the Kilomoto concession near the village of Kobu, 100 km (62 miles) from Bunia in northeastern Congo, February 23, 2009. REUTERS/Finbarr O'Reilly
    OUTLOOK 2010:

    Unsafe havens, big returns?

    Underdeveloped, illiquid, unstable ... if you can stomach the risks, these diamonds in the rough look set to pay off.  Full Article 

    Global Investing
    A student receives a H1N1 vaccine injection at a hospital in Suining, Sichuan province November 11, 2009. Credit: REUTERS/Stringer

    Pictures of the Year

    A girl receiving the H1N1 vaccine and breathtaking saves in a soccer game are among the indelible Reuters images of the year.  Slideshow 

    Pictures