UAE firm wins Malaysia oil development contract

14 February 2010

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.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.