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Updated Thursday, June 4, 2009 11:10 am TWN, AFP

ExxonMobil signs Malaysia production deal: Petronas

KUALA LUMPUR -- National oil firm Petronas on Wednesday said it had signed a deal with ExxonMobil worth at least 2.1 billion dollars to produce oil from seven oil fields located off Peninsular Malaysia.

"The key objective of the PSC (production sharing contract) is to meet Petronas and its partners' aspiration to extract more oil from matured oil fields ...," it said in a statement.

Petronas said under the terms of the contract, ExxonMobil and its wholly-owned subsidiary Petronas Carigali will spend a minimum of 2.1 billion dollars, including to enhance oil recovery project activities in the oil fields.

The seven fields are: Seligi, Guntong, Tapis, Semangkok, Irong Barat, Tebu and Palas.

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