Malaysia's SapuraKencana Forms JV to Undertake Oil, Gas Projects in Brunei

Malaysia's SapuraKencana Petroleum Berhad, through its wholly-owned subsidiary SapuraKencana Brunei, formed a joint venture with Euthalia Energy Solutions Sdn Bhd and RSK Petroleum Sdn Bhd to undertake oil and gas projects in Brunei, the company said in a filing with local stock exchange Bursa Malaysia Monday.

Under the Shareholders Agreement, the partners will identify potential business opportunities, investments, joint ventures, business combinations or other transactions in Brunei pertaining to works and services as listed in all four categories in Directive 2 Local Business Development Framework for the Oil and Gas industry issued by Brunei's Ministry of Energy, Prime Minister’s office dated Feb. 1, 2012.

SapuraKencana Brunei and Euthalia will hold a 70 percent interest and a 30 percent stake in the joint venture by subscribing for 700,000 shares and 300,000 shares, respectively at $0.7245 (BND 1) each.

SapuraKencana Brunei’s investment in the joint venture company is expected to be funded by internally generated funds, parent firm SapuraKencana Petroleum said in a press release, adding that the Shareholders Agreement is expected to be effective by Aug. 31.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
James Kennedy | Aug. 4, 2015
Once again not only capitalism, but corruption at its best..........


Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Global Business Development Manager
Expertise: Business Development
Location: Houston, TX
 
United States Canonsburg: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Canonsburg, PA
 
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours