Petronas Buys Stake in NT/P48 Offshore Australia

Timor Sea
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Shell Development has signed a strategic agreement with Malaysia’s national oil corporation PETRONAS that will strengthen Shell’s and PETRONAS’ gas asset positions in Malaysia and Australia, respectively.

Under the agreement, PETRONAS’ subsidiary PETRONAS Carigali (Australia) Pty Ltd seeks to secure a 25% interest in Australia’s NT/P48 Permit, which includes the Evans Shoal Joint Venture (JV) in the Timor Sea offshore Australia's Northern Territory.

The agreement is subject to regulatory approvals.

The new equity structure for the joint venture will be SDA 25%; PETRONAS Carigali (Australia) 25%; Santos 40%; and Osaka Gas 10%. Santos will remain operator in the joint venture.

The participation of PETRONAS, a world-scale LNG player, is expected to strengthen the Evans Shoal joint venture’s ability to take this asset forward.

Chris Gunner, Chief Operating Officer of SDA commented: "We believe that PETRONAS, a company with strong LNG supply reliability and marketing credentials, will be a valuable participant in the Evans Shoal JV."

PETRONAS is not new to Australia, having interests in Australia's domestic gas pipeline network through the Australian Pipeline Trust and East Australian Pipeline Marketing.

Shell is a long-time player in Malaysia’s oil and gas industry and currently operates 17 Production Sharing Contracts, eight of which are gas acreages. Shell is also a 15% partner in Malaysia’s MLNG Dua and MLNG Tiga plants.

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