New projects in Malaysia

Exxon Mobil Corporation’s wholly-owned subsidiary Esso Production Malaysia Inc. (EPMI) is investing 2.2 billion ringgit in two new oil and gas projects with Malaysia’s Petronas Carigali. Petronas Carigali is the exploration arm of the national energy company Petronas. The investment will be channelled into two projects–Larut and Satellite Fields Development (SFD)–in the sea off the eastern state of Terengganu. The Larut field, at an estimated development cost of 1.4 billion ringgit is expected to start operations in January 2002. EPMI and Petronas Carigali will share production at the field. They expect to produce 33,000 bpd and 35 million cubic feet of gas per day. For the 832.2 million ringgit SFD project, the two companies will install five remotely operated platforms to additional reserves of oil and gas among the existing production infrastructure. SFD is likely to be complete by the end of next year or early 2003, and will be capable of producing 40,000bpd and 50 million standard cubic feet of gas per day. Currently, EPMI produces 270,000 barrels of crude oil per day and 1.3 billion cubic feet of natural gas per day, providing 70% of Peninsular Malaysia’s gas needs.

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