Firms agree to spend $80m on development
A joint venture including Abu Dhabi state-owned Mubadala Development Company has won a contract to develop an offshore oil and gas concession in Malaysia.
Local state energy firm Petronas awarded the deal to MDC Oil & Gas, a joint venture of Mubadala and Petronas. MDC will explore and develop the block, in which it will hold a 75 per cent stake. Petronas will hold the remaining 25 per cent.
The 5,786 square metre block sits in the centre of the offshore Sarwak basin at depths ranging from 100 to 200 metres. Under the terms of the production sharing contract, the partners have agreed to spend a minimum of $79.75 million developing the block.