Friday, September 29, 2023

Shell sells stake in Baram Delta assets, offshore Malaysia

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Sarawak Shell Berhad, a subsidiary of Shell plc, has completed the sale of its non-operated interests in two offshore production sharing contracts (PSC) in the Baram Delta to Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP).

Shell had a 40% interest in the amended 2011 Baram Delta EOR Production Sharing Contract (BDO PSC) and 50% in the SK 307 Production Sharing Contract (SK307 PSC).

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The remaining interests in both PSCs are held by the operator, PETRONAS Carigali Sdn. Bhd. (“PCSB”). Completion of the sale follows regulatory approval from Malaysia Petroleum Management (MPM), PETRONAS as the custodian of national hydrocarbon resources in Malaysia. The transaction has an effective date of January 1, 2023.

Shell said this divestment is in line with Shell’s work to focus its Upstream portfolio. Shell retains a strong presence in Malaysia’s upstream, gas-to-liquids, downstream and business services sectors.

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