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Malaysia's Sapura Energy Unit to Develop Gas Fields Off Borneo

11 Apr 2018 5:17 am

By Yantoultra Ngui

KUALA LUMPUR, Malaysia--Sapura Energy Bhd. (5218.KU), Malaysia's largest oil and gas services firm by market value, said on Wednesday that its unit and partners have decided to develop gas fields off Borneo island.

Sapura Energy said its unit Sapura Exploration and Production (Sarawak) Inc., is partnering with Petronas Carigali Sdn Bhd and Sarawak Shell Bhd. to develop the gas fields.

The fields are Gorek, Larak and Bakong, termed as phase one in a production-sharing contract called SK408, according to Sapura Energy.

"The development of the SK408 gas fields further strengthens Sapura Energy's position in Malaysia as a significant partner and supplier of natural gas to one of the world's largest LNG (liquefied natural gas) production facilities, the Petronas MLNG complex in Bintulu," Shahril Shamsuddin, Sapura Energy's president and group chief executive, said in a statement.

Sapura Energy ended midday break 5.6% higher at MYR0.565 prior to the announcement. The local benchmark stock index climbed 0.43%.

Write to Yantoultra Ngui at yantoultra.ngui@wsj.com.

(END) Dow Jones Newswires

April 11, 2018 01:17 ET (05:17 GMT)

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